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What costs are involved in refinancing?

costs involved refinancing
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What costs are involved in refinancing?

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When an individual decides to refinance, he is typically trying to pay off the existing mortgage with a new loan. This new loan will incur the same type of costs that the individual dealt with when obtaining the original mortgage, including settlement costs, possible prepayment penalties and other similar costs. The total cost to refinance ultimately depends on the interest rate of the new mortgage loan as well as the number of points, if any, are involved.

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You may pay an application fee as well as the appropriate closing costs. You may also choose to pay discount points if you want to buy down the interest rate.

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