How much does it cost to refinance your mortgage?

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asked May 22, 2018 in Real Estate - Renting by Kareimea (270 points)
How much does it cost to refinance your mortgage?

1 Answer

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answered May 29, 2018 by Essmann (42,860 points)
When you refinance your mortgage you will be essentially taking out an entire new mortgage with different terms and conditions and they'll be a document preparation fee as well as a loan origination fee.

The amount of those fees will depend on how much your mortgage is for.

But lets say your mortgage is for a $200,000.00 home, the origination fee would be somewhere around $2,000.00

The origination fees are usually around 1% of the total cost of your loan "mortgage" amount.

And the document preparation fees range from $200.00 to $900.00 and the fees can vary from bank to bank and from mortgage to mortgage but that's about what it costs to refinance your mortgage.

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