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closing costs for refinancing a home

Posted on: 16th Nov, 2006 11:27 am
Would like to know the average expense for closing costs when refinaning a home. New mortage will be on a $100,000 in the state of Minnesota. Thanks
hi,

generally for a refinance the closing cost range between 2 to 3% of your loan amount. which means it will be around $3000 in your situation.

thanks
kelly
Posted on: 16th Nov, 2006 11:34 am
Hi,

Closing cost will normally include title and escrow fees, lenders fees, points (optional), appraisal fees, credit fees, insurance and taxes.

You can go through our section on Closing costs to know more on the costs during a refinance.

Thanks
Blue
Posted on: 16th Nov, 2006 11:56 am
Hi Jsj,

Welcome to the forums.

In general, the closing costs on a refinance loan add up to 3% to 6% of the loan amount. You will get a rough estimate of the total closing costs from the Good faith Estimate provided by your lender. Usually the estimate is given within 3 days of applying for your loan. You will also get a precise record of the closing costs just 24 hours before closing. It's the HUD-1 Settlement Statement provided by the lender.

Thanks,

Caron.
Posted on: 16th Nov, 2006 09:59 pm
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