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| Mortgage Rates |
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Cost of Refinancing a Dallas Mortgage Loan |
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There are many things to consider when determining exactly how much it will actually cost you to refinance. Below are just some examples of things to consider. It is also important to remember that refinancing could affect your tax situation, so keep that in mind as well. If you would like to speak with a trained mortgage specialist about your situation, feel free to contact us at anytime. What does it actually cost to refinance? When refinancing your mortgage, you will usually pay off your original mortgage and sign a new loan. With a new loan, you still pay most of the same costs you paid to get your original mortgage. These can include settlement costs, discount points, and other additional fees. You also may be charged a penalty for paying off your original loan early, although there are some states that prohibit this. The total expense for refinancing a mortgage depends on the interest rate, number of points, and other costs required to obtain the new loan. To obtain the lowest rate offered by the lender, most lenders will charge several points, and the total cost can run between 3% and 6% of the total amount you borrow. So on a $100,000 mortgage, the lender might charge you between $3,000 and $6,000. However, some lenders may offer 0 points at a higher interest rate, which can significantly reduce your initial costs, although your payments may be somewhat higher. |
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