If you’re refinancing a home loan in Plano or Frisco TX, you need to be ready for these expenses.
Refinancing a home loan in Dallas, Frisco, or Plano TX can help you save big bucks. That doesn’t mean the process itself is free, though. If you’re going to be refinancing your mortgage, be prepared to pay these expenses.
This is a loan processing fee, and it’s usually equal to about 1 percent of your refinanced mortgage. So if you’re refinancing into a $300,000 loan, you’ll likely pay about $3,000 for origination.
Mortgage Application Fee
This fee covers administrative costs and usually includes the cost of your credit report. It generally ranges between $250 and $500.
Your lender may need to check public records to make sure that you’re the actual owner of the house. Some lenders will waive this fee, but if you do need to pay for a title search it costs about $150 to $450.
Obviously, your lender will need to confirm your home’s value before offering you financing for it. A professional appraiser will charge you about $500 to figure out how much your home is worth.
You may need to pay for other things like document preparation costs, a prepayment penalty, tax fees, and pest inspections. Before you start your refinance, it’s a good idea to chat with a mortgage expert who can advise you on which costs you’ll need to pay based on your specific situation.
Even with these expenses, refinancing your home loan in Frisco and Plano TX can keep more money in your wallet over time thanks to the current low interest rates. Are you ready to take advantage of them? If you’d like more information or help calculating exactly how much you could save, contact the Todd Frank Home Loan Team in Texas.