What Are the Different Refinance Closing Costs?
A key factor for deciding to refinance a home is whether the new interest rate will lower the mortgage value a sufficient amount to recover the refinance closing costs. The loan closing costs consist of an assortment of fees and other expenses borrowers must pay to obtain a new mortgage. These charges typically range from 2 to 3% of the loan amount. Closing cost can be grouped into four categories: lender fees, third-party fees, pre-paid and escrow, and government fees and taxes.
