Refinance

Your Refinancing Options: Costs

Refinancing is similar to applying for an original mortgage, so you can expect to pay similar costs. Some of these may include:

• The application fee , which covers the lender's cost to process your application.

• A fee for a search of the public record of ownership of your property.

• A title insurance policy, which protects the lender for any loss due to a discrepancy in the title. (You may be able to have your settlement company reissue your current title policy at a reissue rate, saving you some of the cost to have this service performed.)

• A fee to have your property re-appraised .

• A new survey of your property to confirm that no changes to the land or physical structures have been made that would affect its potential sale.

• A loan origination fee , which covers the lender's work in evaluating and processing your loan. It is usually expressed as a percentage of your loan.

• Other fees, depending on the type of mortgage refinancing you are seeking, may include a VA loan guarantee, FHA mortgage insurance, or private mortgage insurance .

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