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Costs of Refinancing

The costs of taking out a mortgage were covered in Chapter 9, “Considering Home Equity Loans,” but it will be a good idea to revisit them here.

  • Origination fee— Essentially every mortgage charges an upfront origination fee equal to 1% of the mortgage amount.

  • Points— Most mortgages charge points, with each point equal to 1% of the mortgage amount. Higher points correlate with lower interest rates.

  • Appraisal— Most mortgage companies require a new appraisal of the house. They might accept an existing appraisal if it is not more than a year or two old.

  • Attorney’s fees— You’ll probably want an experienced real estate lawyer to take care of the complex paperwork.


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