Do you tip at a refinancing?

I know for a regular house closing where you are buying title insurance you typically tip the closer. But my understanding is that for a refi you just sign documents at your house or at the broker. I know the lender gets title but is a closer even there? Do I tip the broker or bank attorney? I feel like they are all already getting paid. So are there any tips?

Re: Do you tip at a refinancing?

I've never heard of tipping anyone in a house purchase/selling/refinance. Maybe I'm out of the loop?! And I've bought/sold/refinanced multiple times.

Re: Do you tip at a refinancing?

Posted by Mere09

I've never heard of tipping anyone in a house purchase/selling/refinance. Maybe I'm out of the loop?! And I've bought/sold/refinanced multiple times.

Message edited 3/28/2015 8:42:37 AM.

Re: Do you tip at a refinancing?

There are no "tips" at a house purchase closing. The buyer pays the title closer an attendance fee (usually in the $200-300 range) and the seller may pay them a "pickup fee" if the seller has a mortgage (to record the satisfaction of the mortgage). So tip is really a misnomer. It's more of a fee that you pay separately to the title closer that isn't wrapped into the other closing costs. At a house purchase closing, your attorney just instructs you to write a check to the title closer in x amount (it's not like a cash tip at your discretion).

I am less familiar with refinancing, as it's not part of my job. My dh and I refinanced about 5 years ago, and I remember we did have a couple of incidental checks to write at the closing (even though the major closing costs were rolled into the loan, as is typical for a refi). I would just ask your bank contact what you can expect to pay, if anything, at the closing table.

You may need to pay a fee to the title closer but never any tips to the bank attorney or anyone else!

Message edited 3/28/2015 9:42:27 AM.