Overview on Refinance Fees

Home refinance brings numerous benefits such as better terms on the mortgage and lower interest rates. You should know however that refinancing your mortgage will include several costs. Refinancing a mortgage loan means applying for a brand new home loan. You can expect to pay between 3 and 6 percent of the mortgage balance in settlement fees or closing.

The application fee can be somewhere in the $75 - $300 range. Other fees and costs include: Licensed Appraisal Fee ( $250 - $600), Land Survey Fees ( $124 - $300), Attorneys Fees ( $75.00 - $200.00) and House Inspector ($350.00 - $175.00).

The overall refinancing cost is usually based on such factors as: the value of your house, the remaining balance on your original mortgage and the length of time you have spent in your house. Additional fees involved with most refinancing may include: homeowners insurance, remaining balance costs and early payoff penalties and fines.

Keep in mind that these are estimates only. Costs may vary significantly. Each market, lender and area will represent different policies with different fees. Discuss about your interests, mortgage instruments and lending practices with attorneys, real estate agents and mortgage lenders. Make sure you review all your options before you commit yourself to any specific loan.