Some people who decide its time for a mortgage refinance arent prepared for the closing costs associated with the loan. They think that theyve already paid closing costs and all the other fees associated with the purchase of the house, so theyre surprised to find that many of these same costs pop up again when its time for a mortgage refinance. What are these costs? And which can you expect to pay again?
The amount of time thats passed since you took out your original loan will have some impact on the cost of your mortgage refinance, but time isnt the only factor that can make a difference. Take a look at the typical home appraisal. As a rule, a lender wants this document so that he can prove to his superiors that the property is worth at least as much as hes agreed to loan you. Remember that banks arent typically in the real estate business. If you should default on the loan, the lender wants to know that he can recover at least the majority of the loan by selling off that property.
Thats why a current appraisal is often required for a mortgage refinance. Property values fluctuate and other changes impact the final dollar value an appraiser will attach to your...
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