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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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closing costs for refinance
I don't mean to be nosey, but would anyone who refinanced mind sharing what they paid in closing costs? (either a $-amount or a percentage of the mortgage amount)
What fees are included in a refinance? Were your closing costs as high as when you first bought the house?
If it matters, we do not escrow our homeowner's insurance or our taxes.
Thanks!
ETA - a couple more questions! If you refinanced, did you go through the same bank or a different lender?
Any other considerations? (other than the market is crap and we'd have to worry about the appraisal...)
Message edited 12/4/2008 8:28:12 AM.
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Posted 12/4/08 8:25 AM  |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: closing costs for refinance
I'm interested in this as well since the rates have dropped enough for us to consider refinancing.
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| Posted 12/4/08 8:42 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: closing costs for refinance
We refinanced with a different bank. We consolidated two loans into one 30 year fixed.
We paid almost as much as our original closing costs and rolled that into the loan. I don't remember exactly how much but it was close. We do escrow our taxes and insurance.
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| Posted 12/4/08 9:03 AM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: closing costs for refinance
I looked into a refinance last year and the closing costs were only 10% less than the original closing on the mortgage. We decided against it and put the $10,000 against our principal and HELOC.
Message edited 12/4/2008 9:51:01 AM.
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| Posted 12/4/08 9:50 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: closing costs for refinance
Not gonna be much help since our home in SC but it was going to cost us around $6,000
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| Posted 12/4/08 10:00 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: closing costs for refinance
I crunched some numbers using our old closing costs. Even with the mortgage rate dropping 2 points it would take too long to recoup the closing costs. I don't think it'll work for us... but this may be helpful to others who plan to stay in their homes longer or who have even higher interest rates.
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| Posted 12/4/08 10:46 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: closing costs for refinance
I just called about refinancing our primary house.
it would drop one % point. we would save about $400/mo. The closing costs would be about $5-6K. We would recoup that in about 15 months.
eta: I called about the prospect of rates being 4.5%. If that happens I may decide to refi.
If you stay with the same lender you will not pay the mortgage recording tax again.
Message edited 12/4/2008 12:06:39 PM.
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| Posted 12/4/08 12:03 PM |
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