Calculating Mortgage Refinancing Costs

What Are the Costs of Refinancing your home morgage? Several fees are usually involved when you refinance your mortgage. However you may be able to save some of these costs by checking first with the lender who holds your current mortgage. The lender may be willing to waive some of the fees, especially if the work relating to the mortgage closing is still current. This could include the fees for the title search, surveys, inspections, and so on.

Also, as the banks are becoming more competitive for your business, you may find many lenders will absorb some of these fees on your behalf in order to maintain your business or gain your new business, whatever the case may be.

Costs will vary from lender to lender and will also vary depending what area you are in. These costs are only estimates to help you research and know what questions to ask. Your actual costs may be lower or high than those indicated below.

Application Fee $75 to $300 

Appraisal Fee $150 to $400 

Home Inspection Fees $175 to $350 

Lender's Attorney's Review Fees $75 to $200 

Loan Origination Fees 1% of loan Prepayment Penalty (ask lender) 

Points 1% to 3% 

Survey Costs $125 to $300 

Title Search and Title Insurance $450 to $600