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  • Will You Add? - Mortgage Refinancing – Budgeting for Closing Costs and Lender Fees

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    al & Survey Fee

    Depending on the length of time that’s passed since you purchased your home the mortgage company may require a new appraisal and/or survey of the property. The appraisal is a determination of the fair market value of your home and determines how much equity you have in your home.

    Application Fees

    If your mortgage co

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    If you are considering mortgage refinancing you will be required to pay lender fees and closing costs to secure the loan. Budgeting for this expense will help you avoid costly delays in the closing process. Here are several tips to help you anticipate how much your closing costs will be and avoid overpaying when mortgage refinancing.

    When refinancing your mortgage you will be required to pay many of the same fees you paid when taking out your original mortgage. The actual amounts you pay at closing vary widely from one Mortgage Company to the next so it is important to include closing costs in your mortgage comparisons. Here are the basics closing costs you can expect to pay when mortgage refinancing.

    Mortgage Refinancing Origination Fees

    Origination fees, also called origination points, are paid to the Mortgage Company or broker that arranges your mortgage loan. You should never agree to pay more than 1.5% of your loan amount for a home you will occupy. Any amount greater than 1.5% of your loan amount is considered excessive.

    Credit Reports

    Your mortgage company will charge you for credit reports and your credit score from one or more of the three credit reporting agencies. These credit reports are maintained by Equifax, Experian, and Trans Union. Your credit score is an additional expense and is generated by the Fair Isaac Corporation.

    Appraisal & Survey Fee

    Depending on the length of time that’s passed since you purchased your home the mortgage company may require a new appraisal and/or survey of the property. The appraisal is a determination of the fair market value of your home and determines how much equity you have in your home.

    Application Fees

    If your mortgage com

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    inancing your mortgage you will be required to pay many of the same fees you paid when taking out your original mortgage. The actual amounts you pay at closing vary widely from one Mortgage Company to the next so it is important to include closing costs in your mortgage comparisons. Here are the basics closing costs you can expect to pay when mortgage refinancing.

    Mortgage Refinancing Origination Fees

    Origination fees, also called origination points, are paid to the Mortgage Company or broker that arranges your mortgage loan. You should never agree to pay more than 1.5% of your loan amount for a home you will occupy. Any amount greater than 1.5% of your loan amount is considered excessive.

    Credit Reports

    Your mortgage company will charge you for credit reports and your credit score from one or more of the three credit reporting agencies. These credit reports are maintained by Equifax, Experian, and Trans Union. Your credit score is an additional expense and is generated by the Fair Isaac Corporation.

    Appraisal & Survey Fee

    Depending on the length of time that’s passed since you purchased your home the mortgage company may require a new appraisal and/or survey of the property. The appraisal is a determination of the fair market value of your home and determines how much equity you have in your home.

    Application Fees

    If your mortgage co

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    ge refinancing.

    Mortgage Refinancing Origination Fees

    Origination fees, also called origination points, are paid to the Mortgage Company or broker that arranges your mortgage loan. You should never agree to pay more than 1.5% of your loan amount for a home you will occupy. Any amount greater than 1.5% of your loan amount is considered excessive.

    Credit Reports

    Your mortgage company will charge you for credit reports and your credit score from one or more of the three credit reporting agencies. These credit reports are maintained by Equifax, Experian, and Trans Union. Your credit score is an additional expense and is generated by the Fair Isaac Corporation.

    Appraisal & Survey Fee

    Depending on the length of time that’s passed since you purchased your home the mortgage company may require a new appraisal and/or survey of the property. The appraisal is a determination of the fair market value of your home and determines how much equity you have in your home.

    Application Fees

    If your mortgage co

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    xcessive.

    Credit Reports

    Your mortgage company will charge you for credit reports and your credit score from one or more of the three credit reporting agencies. These credit reports are maintained by Equifax, Experian, and Trans Union. Your credit score is an additional expense and is generated by the Fair Isaac Corporation.

    Appraisal & Survey Fee

    Depending on the length of time that’s passed since you purchased your home the mortgage company may require a new appraisal and/or survey of the property. The appraisal is a determination of the fair market value of your home and determines how much equity you have in your home.

    Application Fees

    If your mortgage co

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    al & Survey Fee

    Depending on the length of time that’s passed since you purchased your home the mortgage company may require a new appraisal and/or survey of the property. The appraisal is a determination of the fair market value of your home and determines how much equity you have in your home.

    Application Fees

    If your mortgage company is charging you an application fee you should ask to have the fee removed. Application fees are junk fees mortgage companies charge to boost their profits. You are already paying origination fees for the mortgage company’s services and there is no reason to pay an application fee.

    Discount Points

    Points, or discount points, are a fee you pay in the form of prepaid interest in exchange for a lower interest rate or better terms. One point is one percent of your loan amount and you typically receive a .25% reduction in your mortgage rate for each point you pay upfront.

    These are jut a few of the costs you can expect to pay at closing when mortgage refinancing. You can learn more about mortgage refinancing expenses, including costly mistakes to avoid by registering for a free mortgage refinancing tutorial.

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