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What Is The Cost Of Refinancing?
When refinancing a mortgage
the new loan will have many of the same costs that were associated with the
old loan. Settlement costs, discount pints and a few various other fees will
be required, depending on the lender and where you reside. Some states will
not allow for you to be penalized for early repayment of the original loan,
but some do. So be certain to find out early what the specific rules are in
the state where you live. This can add up and it is not something you want to
find out about to late in the game.
Lenders ask that you pay a premium, or points, for the lower interest rates
available and you can expect to be paying between 3% and 6% for the total amount
that you wish to borrow. If you opt to not take the points and pay a higher
interest rate, and reduce your costs at the outset, your monthly payments for
the life of the loan will be higher.
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