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Refinancing a mortgage could result in a lower monthly payment or a reduction in your interest rate. That could save you money, but is the cost to refinance your mortgage worth it? Here’s what you.
Another way closing costs get re-allocated is by adding the closing costs to your loan amount so you’re financing the closing costs over the life of the loan. In our refi example where a $200,000 loan has about $3,000 in closing costs, your loan amount would be adjusted to $203,000. This would increase your payment by about $13 per month.
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Talk with a trusted tax adviser and consider the pros and cons of a refinance with no closing costs or fees. Before refinancing in 2018, we suggest you discuss the tax implications with a tax adviser if you are considering a refinance mortgage that requires mortgage insurance.
The key question you have to ask yourself is, will refinancing save you money? It’s not enough just to obtain a lower interest rate – a big part of the answer to that question depends on the fees you’ll need to pay to refinance. A refinance is just a new mortgage. It shouldn’t come as any surprise that refinancing your mortgage is going to cost.
On a $200,000 mortgage the average closing costs will come out to 1.5%, or $3,000. If you are refinancing into a 30 year term this means you will need to see a decrease by about $90 a month to break even. The good news is that most lenders will allow you to roll the closing costs into the loan. This way you do not have to pay any cash up-front.
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As you probably know, lenders don’t charge a standard closing cost (whether it is a purchase or refinance transaction); instead, they charge you based on your circumstances and your location. On average, refinance closing costs range from 3 percent to 6 percent of your loan amount (again, depending on your location and your lender).
To lower the rate on your home mortgage, you get to go through the refinancing process and obtain a new home loan. With every new mortgage come the associated closing costs, which can add up to.
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