How much does it cost to refinance a mortgage?

Home Forums Mortgage How much does it cost to refinance a mortgage?

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    Team StellarFi

    Refinancing can help you get cash or lower monthly payments over time. Refinancing can help you shorten your loan term from 30 to 15 years for a lower interest rate. You can also make lower monthly payments and save money if your fixed-rate mortgage is higher than the current market rate. 

    There are different fees included in the refinance closing costs — application fee, origination and underwriting fee, recording fee, appraisal fee, credit check fee title services, survey fee, and attorney fee. 

    The cost of refinancing varies based on your loan size and residing state. The average cost generally amounts to 2% to 5% of the loan principal amount. Your refinancing costs will also reduce with a higher credit score.

    Doing your research before fixing on a refinance lender can help you save a lot of money as you choose the one with the most attractive terms for your financial goals. This can further help you save money by negotiating closing costs because you would have an idea of the other competitive rates in the market. You can also ask for fee waivers (like application or credit check fees) and think about buying discount points as well.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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