Refinance?

How does refinancing work, ie do you need to put money down or what are the closing costs? Is there a way to refinance without having to go though escrow?

Re: Refinance?

Refinance doesn't require much money to put down just usually an application fee and maybe an appraisal up front. You can pay the cloisng costs out of pocket but most people build them into the mortgage. Depending on the bank you will most likely have to do escrow unless they let you pay a higher percentage not to have escrows or if you have enough equity in your home to not warrant escrows. Really depends on the bank but I would inform whoever you work with that you are looking not to have escrows and see what they can do for you, if anything. Closing costs can be reduced if you do a consolidation--this will allow you not to pay alot of mortgage tax which is the bulk of the closing costs. It will also depend on if they want escrows or not.

Re: Refinance?

Thank you so much!