LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

refinancing closing costs....

Posted By Message

bluegrl24NY
LIF Infant

Member since 5/05

297 total posts

Name:
Helena

refinancing closing costs....

I'm just curious, but shouldn't it be LESS than the closing costs when you bought your home?? Maybe I just need to do more homework on this, but our broker just faxed DH a list of the fees for closing and the cost is MORE than we spent on the closing when we bought the house!! I don't understand how that is possible when we are refinancing for a significantly lower amount.... I don't really want to go into the details, but it really just seems like an exorbitant amount of money for refinancing. DH wants to go over the paperwork with his dad and our lawyer now, and I don't know how comfortable I am with using this broker now, am I wrong to consider walking away from a great rate bc of this? I'm just looking for some LIF feedback - if you have any advice I'd love to hear it bc I'm a little confused right now and hate feeling stupid. Thanks!

Posted 6/16/05 3:25 PM
 
Long Island Weddings
Long Island's Largest Bridal Resource
  |   Prudential Douglas Elliman Real Estate

dengal
Dad of Twins

Member since 5/05

1385 total posts

Name:
The 80's Man
Let's Go Mets!

Re: refinancing closing costs....

This could be the case. Remember, when you re-finance, you are essentially buying your home again from yourself. It's considered a new mortgage

Posted 6/16/05 4:21 PM
 

bluegrl24NY
LIF Infant

Member since 5/05

297 total posts

Name:
Helena

Re: refinancing closing costs....

I understand that it's esentially a new mortgage, but the thing that confuses me is that the amount we are refinancing for is much lower now lower since we've been paying it for three years now. We are refinancing for the house for the remaining amount left on our mortgage, so I just don't see how these closing costs are so much higher than they were when we first got the mortgage for the original price of the house....

When I was talking to DH earlier, my suggestion was that the broker might have jacked up their fees a bit once they saw the house and did the appraisal - is that possible?

Posted 6/16/05 4:49 PM
 

MrsJ
I love my Katie Bug

Member since 5/05

11357 total posts

Name:
Kathy

Re: refinancing closing costs....

Would you be refinancing with the same lender who holds your current mortgage? If so, costs should not be as much as a purchase. But if it is a different lender this time around then it's considered a purchase and costs will be high. If you have a credit union, check out their rates, they are usually lower.

Posted 6/16/05 5:04 PM
 

bluegrl24NY
LIF Infant

Member since 5/05

297 total posts

Name:
Helena

Re: refinancing closing costs....

It is a different lender - I didn't even think of that... Boy, just when you think you've done all your homework on something! Chat Icon thanks!

Posted 6/16/05 5:09 PM
 

MrsJ
I love my Katie Bug

Member since 5/05

11357 total posts

Name:
Kathy

Re: refinancing closing costs....

Posted by bluegrl24NY

It is a different lender - I didn't even think of that... Boy, just when you think you've done all your homework on something! Chat Icon thanks!



You're welcome! We went through the same thing. We switched lenders and closing costs were a lot, but we got a good deal and actually refinanced with them a 2nd time for an even better rate so it paid off. Good luck!

Posted 6/16/05 5:13 PM
 

bluegrl24NY
LIF Infant

Member since 5/05

297 total posts

Name:
Helena

Re: refinancing closing costs....

thanks Kathy!!! I just feel better hearing that this isn't abnormal, so we wil most likely stay with them since their rate is saving us almost 300 a month! Chat Icon

ETA - I hit send before finishing reply!

Message edited 6/16/2005 5:15:46 PM.

Posted 6/16/05 5:14 PM
 

MrsJ
I love my Katie Bug

Member since 5/05

11357 total posts

Name:
Kathy

Re: refinancing closing costs....

Sometimes it pays to switch lenders. Good luck with the refi!!

Posted 6/16/05 5:16 PM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
how much were your closing costs? is it based on a percentage of the loan amount? raken40 7/3/05 5 Home
does anyone know we can write off our closing costs? raken40 2/24/06 10 Home
CLOSING COSTS-UPDATE ON BOTTOM LIBOUND 12/3/05 28 Home
Closing Costs Redhead 7/3/05 23 Home
did many of you put your closing costs in with your mortgage? raken40 6/2/05 2 Home
question-if you decide to put your closing costs into your mortgage, raken40 5/24/05 0 Home
 
Quick navigation:   
Currently 1041115 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows