People usually refinance a mortgage to save money. But refinancing itself can be expensive. Here’s what it costs — and the factors that can impact that price tag.
PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiIHNyYz1odHRwczovL3N0YXRpYy5teWZpbmFuY2UuY29tL3dpZGdldC9teUZpbmFuY2Vfdmlld3BvcnRfZGV0ZWN0aW9uLmpzPjwvc2NyaXB0PjxzY3JpcHQgYXN5bmMgdHlwZT0idGV4dC9qYXZhc2NyaXB0Ij5teWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfMTYnKTtteWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfOCcpO215ZmlXYXRjaFdpZGdldCgnbXlmaVdpZGdldF8xNScpOzwvc2NyaXB0Pg==Aly J. Yale is a contributing writer for Hearst, focusing largely on housing, real estate, and mortgages.
Typically, though, you can expect your closing costs to include the following:Origination, underwriting, and application feesAppraisal and attorney feesCredit check feeFees for title services and insuranceSurvey and flood determination feesRecording feesPrepaid interest, taxes, and mortgage insuranceEscrow fundsIf you buy discount points — which allow you to pay an upfront fee to lower your loan’s interest rate — these would also be paid as part of your closing costs.
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