When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage. These can include settlement costs, discount points, and other fees. You also may be charged a penalty for paying off your original loan early, although some states prohibit this.
The total expense for refinancing a mortgage depends on the interest rate, number of points, and other costs required obtaining a loan. As an Upfront Mortgage Broker I can offer you the best wholesale mortgage rate on the day you decide to Lock in a rate. To obtain the lowest rate offered, the total cost can run between one and three percent depending on the total loan amount you borrow.
For a complete list of closing costs please contact me for a custom rate quote and Good Faith Estimate.