Cost of Refinancing

Refinancing cost is the total of any points, closing costs, and private mortgage insurance (PMI) premiums that you pay when you take out the new loan.   Because you can write off your mortgage payments, you may want to consider lost tax deductions as a cost.

Sometimes lenders offer "no points, no closing costs" refinancing programs. You should always check the fine print to see what these means. Loan Consolidation is the act of combining multiple loans into one account, thereby lowering your interest rate and payments.  Sometimes the fees show up elsewhere OR are included in another fee.

Closing costs include fees such as appraisal, title search, title recording, and other fees associated with processing and finalizing your mortgage. If your loan-to-value ratio is higher than of the appraisal value, you may also be required to carry Private Mortgage Insurance.