Refinance closing costs

Can anyone tell me approximate costs ?


I know I should wait until it is atleast 1 point lower %.


I called the bank I have now, they said $2,000-3,000 to refinance. Does that sound about average ?


TIA

Re: Refinance closing costs

It depends on the amount of the refianance. If you refinance you will have to pay mortgage tax which is .8% of the total loan amount. This is the bulk of your closing costs. If you have to pay points to buy down the rate that may also cost you some money. The other costs would be title insurance (which would be at a reduced rate if you bought your home within the last 10 years) and bank fees. The title fees and mortgage tax will be teh same no matter what bank you go to. The rest will vary depending on the bank.

Re: Refinance closing costs

I would use what ever you paid the first time as a guide line