What are the Closing Costs on a Refinance?

By June 17, 2019September 2nd, 2021No Comments
someone calculating and writing down notes

Talking to you about Closing Cost on a Refinance

I get asked about this a lot “Hey Scott, how much are my closing costs

on a refinance since I bought the house?”

About the same.


Look, closing costs don’t change a lot depending on the purpose of the loan

Now, where a lot of people get tricky… In my business

Is they talk about the difference between

out of pocket closing cost and total closing cost


So look, generally speaking, you are always going to pay for

an appraisal up-front $450 – $500

On a refinance, the rest of those cost are rolled into the loan


Let’s say you owe $200K on your current house

You want to roll in your closing cost, maybe the new loan amount

is $204K or $208K, or whatever the figure is.

We have to make sure that we understand the pros and the cons of that


Also, understand when you are financing and in those closing costs

You are paying interest on those for many years

It also has to be factored in to the equation


What about the advertisements where you see


Listen, we could all do No Closing Cost loans

But here’s the deal, your interest rates are higher, right?


If it sounds too good to be true… it… it is! (remove this redundant)


Well if it sounds too good to be true, it is

There is no such thing as a “No Closing Cost” loan

Unless the interest rates are slightly higher


You have got to understand that most closing costs  

Don’t go to the bank, they go to things like

Title Insurance which is required

County fees which is required

Recording fees which is required

Setting up Escrows which is required

These are required expenses, the money has to come from somewhere


So, don’t be tricked into that “BS” advertising

That’s what I got for you on closing costs

If you have any questions or you want specific numbers

Reach out to me, I’m Scott DiGregorio, I’m Your Mortgage Guy

I’ll talk to you soon.. Take care.


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