How much to refinance mortgage?

[Murpheeee]

Aside from all the NO FEE deals that were flying around a few months back....

How much does it generally cost to refinance your mortgage?

 

[TomC25]

I am not sure, and I am too lazy to look it up.

I want to know too.

I heard it could be thousands, and that can be rolled into your loan so nothing is out of pocket on the signing day.

 

[blakeatwork]

Unless you're paying anything above 8% right now, and are not due in the next 4-6 months, you'll be paying a fair bit, gnerally in the thousand's, as stated above. Now it might be slightly different in the US, but in Canada and Ireland, most banks will roll the penalty into your new mortgage, but the fees can be anywhere from 1-5% depending on how many years are left until maturity.

 

[RossMAN]

I just now sent an e-mail to a friend who's an ELO2 (Senior Equity Lending Officer), once he replies I'll let you know.

 

[jeremy806]

When I re-financed (in the U.S.), I had the option of a no fee refinance or get a 1/4 point higher rate.

In my situation, it was better to take the slightly higher interest rate and avoid the fees. That is, the breakeven point was a few years away and who knows if I will move before then, I'll take my savings now thank you.

Refinancing costs alone mean nothing, you must review them in light of the rate that you get any any points that you may pay, in addition to looking at your current mortgage (and any cost or points that you paid for that one).

Be careful, it seems that anyone offering a loan always wants to talk about the payment amount (house or car), but that can be very misleading.

Good luck,
Jeremy

 

[myputer]

We were offered a 6.12 rate from Americas Discount Lenders, we would only have to pay $36.00 up front, they would include the closing cost in with the loan.

Of course we can not do this now since my husband is unemployed

 

[Murpheeee]

My situation is this:

We are about to buy a new house. We are closing on our new house before the current one, so in the eyes of the bank we will have two mortgages for a time. My Debt to income ratio will not support both so I do not qualify for a conventioanl mortgage.

I do qualify for a mortgage where they do not verify your salary, but it is 1.25% over conventional rate.

My plan was to take out this mortgage to get us through the sale and then refinance a few months down the road, including paying in the equity from my current house at that time.

But if its gonna cost a ton to refinance.....I dunno

 

[rufruf44]

Correct me if I'm wrong, but why would bank impose a high of penalty if you're going to have 2 mortgages because you're probably going to sell the other house once you bought the new house. Essentially you will only have 1 mortgage anyway. All the prequalification form that I have seen inform you not to fill in your current mortage payment as part of your monthly expenses.

 

[jrenna]

Usually you will not have to show your mortgage/tax payment for your existing home when you apply for a mortgage on a new home because it is assumed that you will pay off the old mortgage. The new mortgage will usually require you to provide evidence of the sale of your existing home before closing on the new home. Right now, I have a similar situation, I want to close on a new home, but I cannot sell my old home in time. Bridge loans are hard to come by.

 

[RossMAN]

My friend says it varies from bank to bank but should be around $600. Personally I think it's higher closer to $2,000 - $3,000 but that was years ago. I would check out lendingtree.com bankrate.com and do some creative Google.com searches

Sorry wish I could be of more help.

 

[EagleKeeper]

Figure from $500-$2K depending on the paperwork and additional fees.