When budgeting for a first home, it’s clear that you need to take into account the cost of buying the house and any renovations you...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
- 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.