Are There Costs Involved with Refinancing My Mortgage?
Author: Boychuk Mortgage Group |
For an accurate quote on your mortgage penalty, we always recommend you speak directly to your lender to confirm that exact cost. We also have alternative in house tools that can help narrow in on what your total penalty would be.
Typically speaking, the only additional cost to refinance would be an appraisal fee, which we can have waived in many cases. We also have relationships with lenders that offer cash back incentives that would otherwise cover the appraisal cost of $300 - $500 and put some cash back in your pocket.
Any expenses to break your mortgage early or incurred legal fees can be washed into the total amount you are refinancing for so that you don’t need to pay out of pocket to complete your refinance. Lastly, when breaking your current mortgage, we always recommend that you utilize your pre-payment options by putting a lump sum payment down against your principal. This results in a lower balance and a lower total penalty to refinance.