What does the bank determine as ‘Genuine Savings’?
What is ‘Genuine Savings’? This is where the lender requires you, the borrower, to demonstrate that you have saved gradually by yourself typically 5% of...Read More
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
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.
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