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Refinancing

When mortgage rates are low, many people refinance to take advantage of the lower rates and reduce their monthly mortgage payments. Many costs are involved in refinancing, and paramount among them is points.

When you apply for a loan, the bank or mortgage company is required by law to provide you with a document called a Good Faith Estimate Disclosure Statement. This disclosure statement will detail the various closing costs you will incur under the terms of the mortgage loan they are offering. There are many costs involved in closing a refinancing loan, including points, application fees, document preparation fees, title insurance, credit report costs and survey fees.


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