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Refinance can help you save money and own your home sooner however there are costs involved in refinancing from one lender to another lender. To see if it makes financial sense to refinance, you want to take the following cost into consideration
- Lender discharge fee. The discharge fee varies from lender to lender. A typical discharge fee can be from $150 – $400.
- Mortgage Registration fee (government). This fee vary from state to state which registers a home loan, in other words it registers your physical property to your home loan.
The fee can range from $140 – $200 – Lenders Fee. This fee can include application, valuation and settlement fee. Lenders Fee: $600 (Not all lenders charge an application fee if you’re already paying an annual package fee) Valuation Fee: $330 (Most lenders will pay for the 1st valuation on behalf of the borrower) Annual Fee: $395 (This fee generally relates to professional package product. A mortgage specialist will be able to work out the cost for you.
Related FAQs
What is Refinancing?
Refinancing is a process of taking out a new loan to pay off the existing loan typically at a lower rate or for better features. People wanting to change their home loan is usually because of a change in the circumstances or goals which can be a smart way to manage money. It may give you the option of securing a lower interest rate, consolidating debts or unlocking equity from your current property. Speak with one of our mortgage brokers and find out if refinancing is right for you.
Why do people refinance?
Refinancing can be used for various reasons, which include but aren’t limited to: Home Renovations, Reducing monthly repayments, Lowering your interest rate, Cashing out your Home Equity, Raise cash for another purchase (another house, car, boat etc), Access Additional home loan features (offset account, redraw facility etc.), Borrow additional funds
How much does it cost to refinance?
Refinance can help you save money and own your home sooner however there are costs involved in refinancing from one lender to another lender.
When you shouldn’t consider refinancing your property?
Refinancing is generally a good idea for most borrowers but there situations where switching loans just isn't worth it.
How can I consolidate my debt and is it a good idea?
Debt consolidation is when you payoff your existing debts such as credit cards, personals and car loans with a new debt.
