How much will my closing costs be for my refinance?
How much will my closing costs be for my refinance?
Your exact closing costs will be based on the circumstances of your loan.
Closing costs include:
- Points or credits, as determined when you select your mortgage rate
- Third-party settlement fees, which are noted on all mortgage loan estimates and disclosures
- Per diem, which is pre-paid interest from the day of closing through the end of the month prior to your first payment
- Escrow payment, if applicable
Within three days of submitting your application, we'll send you a loan estimate that outlines your expected closing costs. If anything changes before closing, we'll send you an updated loan estimate.
At least three days prior to closing, we'll provide a closing disclosure that gives a fully itemized list of closing costs and gives you the ability to rescind your loan if you're not completely happy.
When will I be expected to pay fees?
There are a couple of possible fees that you may need to pay before closing. We will not charge any fees until after we have sent you disclosures and you have provided intent to proceed.
- Appraisal fee: The vast majority of borrowers need to pay a third-party appraisal fee. The amount will vary based on the loan type, but is generally between $550 and $700. This does not apply to streamline loans or mortgage loans on which you receive a property inspection waiver (PIW).
- Re-inspection fee: For any reason, if the appraiser needs to revisit the property, they will charge a re-inspection fee, which usually is between $150 and $225.
All other fees will be paid at closing. We'll send you a loan estimate within three days of submitting your application that lists the expected fees. At least three days prior to closing, we'll send you a final closing disclosure that includes the exact breakdown of your closing costs.
What will be the payoff amount of my current mortgage?
You should continue to pay your current mortgage as scheduled until we close your new mortgage loan. We will coordinate with your current mortgage bank prior to closing to determine the final payoff amount. At least three days prior to closing, we'll provide a closing disclosure that gives a fully itemized list of costs, including your loan payoff amount, to complete the mortgage refinance.
