Refinancing

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UNDER 2 HOUR PROMISE + ZERO COST LOAN OPTIONS

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Overview of Refinancing

WE DISCLOSE ALL FEES TO REFINANCE.
WE ALSO OFFER ZERO COST LOANS WITH LENDER CREDITS TO COVER ALL COSTS

It is not unusual to pay 2 percent to 4 percent of your outstanding principal in refinancing fees. These expenses are in addition to any prepayment penalties or other costs for paying off any mortgages you might have.

Refinancing fees vary from state to state and lender to lender. Here are some typical fees and average cost ranges you are most likely to pay when refinancing. For more information on settlement or closing costs, see the Consumer’s Guide to Settlement Costs.

Application fee Cost range = $75 to $300 This charge covers the initial costs of processing your loan request and checking your credit report. If your loan is denied, you still may have to pay this fee.
Loan origination fee Cost range = 0% to 1.5% of the loan principa The fee charged by the lender or broker to evaluate and prepare your mortgage loan.
Points Cost range = 0% to 3% of the loan principal A point is equal to 1 percent of the amount of your mortgage loan. There are two kinds of points you might pay. The first is loan-discount points, a one-time charge paid to reduce the interest rate of your loan. Second, some lenders and brokers also charge points to earn money on the loan. The number of points you are charged can be negotiated with the lender.
Appraisal fee Cost range = $300 to $700 This fee pays for an appraisal of your home, in order to assure the lenders that the property is worth at least as much as the loan amount. Some lenders and brokers include the appraisal fee as part of the application fee. You are entitled to a copy of the appraisal, but you must ask the lender for it. If you are refinancing and you have had a recent appraisal, you can check to see if the lender will waive the requirement for a new appraisal.
Escrow/closing fee Cost range = $500 to $1,000 The lender will usually charge you for fees paid to the lawyer or company that conducts the closing for the lender.
Homeowner’s insurance Cost range = $300 to $1,000 Your lender will require that you have a homeowner’s insurance policy (sometimes called hazard insurance) in effect at settlement. The policy protects against physical damage to the house by fire, wind, vandalism, and other causes covered by your policy. This policy insures that the lender’s investment will be protected even if the house is destroyed. With refinancing, you may only have to show that you have a policy in effect.
FHA, RDS, or VA fees or PMI Cost ranges: FHA = 1.5% plus 1/2% per year; RDS = 1.75%; VA = 1.25% to 2%; PMI = 0.5% to 1.5% These fees may be required for loans insured by federal government housing programs, such as loans insured by the Federal Housing Administration (FHA) or the Rural Development Services (RDS) and loans guaranteed by the Department of Veterans Affairs (VA), as well as conventional loans insured by private mortgage insurance (PMI). Insured loans and guarantee programs generally apply if the amount you are borrowing is more than 80% of the value of the property. Both government and private mortgage insurance cover the lender’s risk that you will not make all the loan payments.
Title search and title insurance Cost range = $700 to $900 This fee covers the cost of searching the property’s records to ensure that you are the rightful owner and to check for liens. Title insurance covers the lender against errors in the results of the title search. If a problem arises, the insurance covers the lender’s investment in your mortgage.
LENDER CREDIT 1% - 2% ($500 - $10,000) We offer options to achieve a zero cost refinance. Credit worthiness, FICO score, income, interest rates, and market changes can all contribute. This is a strategy highly recommended to avoid tacking fees onto your loan balance.

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