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plumaplomb · Apr 7th, 2009, 12:29 PM

I'm hunting out refi rates -- closing costs seem to be around the $3000-4000 range!! Is this normal? Are any of these fees negotiable? This is all so overwhelming. And I don't want to wait too long for fear of rates going back up. Any advice appreciated! Especially if you have gone through this process and can recommend a bank with <5% no points 30 year fixed rates.

No Cute · Apr 7th, 2009, 12:31 PM

We're considering re-fi, too. And I keep wondering if we'd be better off somehow just putting those costs on principal without the change...we're 10 years into a 30.

ladystara · Apr 7th, 2009, 01:00 PM

I think the 3000-4000 range is normal. That's what I've seen (we're in the process also)

ILuvShopping · Apr 7th, 2009, 02:12 PM

mine are outrageous.... they're around 6,000 but that also includes fees for house appraisal and other stuff. my refi amount is going to be 5,000 more than my original mortgage but i'll be paying $100 less per month.

Litigatrix · Apr 7th, 2009, 05:50 PM

Originally Posted by ILuvShopping

mine are outrageous.... they're around 6,000 but that also includes fees for house appraisal and other stuff. my refi amount is going to be 5,000 more than my original mortgage but i'll be paying $100 less per month.

Do you plan to be in the house for a long time? Saving only $100 per month means that it will take you a full 5 years to recoup the costs you are spending up front to refinance -- and that is not even taking into consideration the time value of money.

Litigatrix · Apr 7th, 2009, 06:17 PM

Originally Posted by ILuvShopping

mine are outrageous.... they're around 6,000 but that also includes fees for house appraisal and other stuff. my refi amount is going to be 5,000 more than my original mortgage but i'll be paying $100 less per month.

Also keep in mind that when you roll in those costs to the mortgage, you're paying interest on that $5000. That can cost you almost as much as the closing costs themselves in interest over 30 years. If you have $6000 on hand, you might be better off just making an extra lump sum payment on your mortgage. It won't reduce your payment on a monthly basis, but it will reduce the amount of interest you pay over the life of the loan and you will get more money out of the house when you do sell. Just an idea.

plumaplomb · Apr 7th, 2009, 07:10 PM

I just got quoted $2400 for closing costs FYI.

Roo · Apr 9th, 2009, 01:58 PM

3-4k is about average.

plumaplomb · Apr 9th, 2009, 05:56 PM

Just got approved for a refi!! I'm going to try to talk down some of the closing costs... does anyone know what's negotiable and what's not?? I locked in, too, so I hope it doesn't plunge!! Which is what happened last time, ugh.

jwhitlock · Nov 5th, 2009, 07:35 AM

Any updates on this thread? I am trying to refinance now.

Allisonfaye · Nov 5th, 2009, 05:03 PM

Originally Posted by Litigatrix

Also keep in mind that when you roll in those costs to the mortgage, you're paying interest on that $5000. That can cost you almost as much as the closing costs themselves in interest over 30 years. If you have $6000 on hand, you might be better off just making an extra lump sum payment on your mortgage. It won't reduce your payment on a monthly basis, but it will reduce the amount of interest you pay over the life of the loan and you will get more money out of the house when you do sell. Just an idea.

You're so smart, Lit!

acshih · Nov 5th, 2009, 07:38 PM

Just did one two weeks ago, and closed this week....our fee is about $3K.

buzzytoes · Nov 5th, 2009, 09:31 PM

Just for anyone who is interest loan origination fees are always negotiable. They are usually 1% but can always be talked down to .75 or possibly even .50. I would suggest trying to go with a local lender if you live in a somewhat smaller city/town. Their fees are usually less numerous and they typically have access to the same rates or at the very least comparable rates.

jenskar · Nov 8th, 2009, 11:21 PM

Closing costs can also include title insurance and search for the years between your original search and the new mortgage -- and new escrows for your taxes and home owner's insurance if you're switching banks. It really depends on quite a few factors. Title search and insurance are not negotiable. If you have new escrows for taxes you will be getting what's currently in your escrow fund back -- in short -- there's no one answer to this and no "typical" closing costs. In a state with high property taxes, closing costs with new escrows will be more costly.
Check your truth in lending for hidden fees like origination fees (something new I've seen banks adding to mortgages my customers have done).

Apr 7th, 2009, 12:29 PM	#1
plumaplomb OP Member Joined: Dec 2008 Posts: 2,934	Average closing costs on a refi? I'm hunting out refi rates -- closing costs seem to be around the $3000-4000 range!! Is this normal? Are any of these fees negotiable? This is all so overwhelming. And I don't want to wait too long for fear of rates going back up. Any advice appreciated! Especially if you have gone through this process and can recommend a bank with <5% no points 30 year fixed rates.
plumaplomb OP Member Joined: Dec 2008 Posts: 2,934	__________________ http://ebayfashionaddict.blogspot.com

Apr 7th, 2009, 12:31 PM	#2
No Cute Member Joined: Aug 2008 Posts: 7,561	We're considering re-fi, too. And I keep wondering if we'd be better off somehow just putting those costs on principal without the change...we're 10 years into a 30.
No Cute Member Joined: Aug 2008 Posts: 7,561

Apr 7th, 2009, 01:00 PM	#3
ladystara Member Joined: Jun 2006 Posts: 3,124	I think the 3000-4000 range is normal. That's what I've seen (we're in the process also)
ladystara Member Joined: Jun 2006 Posts: 3,124

Apr 7th, 2009, 02:12 PM	#4
ILuvShopping <3 Joined: Jun 2007 Location: Iowa Posts: 2,991	mine are outrageous.... they're around 6,000 but that also includes fees for house appraisal and other stuff. my refi amount is going to be 5,000 more than my original mortgage but i'll be paying $100 less per month.
	__________________ . . Whimsy Bits..... a bit of whimsy.... Up and Running!! Check out my handmade jewelry http://whimsybits.etsy.com

Apr 7th, 2009, 07:10 PM	#7
plumaplomb OP Member Joined: Dec 2008 Posts: 2,934	I just got quoted $2400 for closing costs FYI.
plumaplomb OP Member Joined: Dec 2008 Posts: 2,934	__________________ http://ebayfashionaddict.blogspot.com

Apr 9th, 2009, 01:58 PM	#8
Roo au courant Joined: Apr 2006 Location: Rue Roo Posts: 12,716	3-4k is about average.
	__________________ When I started counting my blessings, my whole life turned around. --Willie Nelson

Apr 9th, 2009, 05:56 PM	#9
plumaplomb OP Member Joined: Dec 2008 Posts: 2,934	Just got approved for a refi!! I'm going to try to talk down some of the closing costs... does anyone know what's negotiable and what's not?? I locked in, too, so I hope it doesn't plunge!! Which is what happened last time, ugh.
plumaplomb OP Member Joined: Dec 2008 Posts: 2,934	__________________ http://ebayfashionaddict.blogspot.com

Nov 5th, 2009, 07:35 AM	#10
jwhitlock Delicious Joined: Aug 2009 Location: Southeast of Disorder, MD Posts: 509	Any updates on this thread? I am trying to refinance now.
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Nov 5th, 2009, 07:38 PM	#12
acshih Member Joined: Jul 2007 Location: paradise Posts: 2,392	Just did one two weeks ago, and closed this week....our fee is about $3K.

Nov 5th, 2009, 09:31 PM	#13
buzzytoes Whackaloon Joined: Jun 2008 Location: Hockeygasmic! Posts: 3,100	Just for anyone who is interest loan origination fees are always negotiable. They are usually 1% but can always be talked down to .75 or possibly even .50. I would suggest trying to go with a local lender if you live in a somewhat smaller city/town. Their fees are usually less numerous and they typically have access to the same rates or at the very least comparable rates.
	__________________ My favorite Lange-isms 3. Get in the fast lane Grandma, the bingo game is ready to roll!! 2. Slap me silly Sidney!! 1. She wants to sell my monkey! Lord Stanley, Lord Stanley, bring me the brandy!!!

Nov 8th, 2009, 11:21 PM	#14
jenskar Member Joined: May 2007 Location: Just outside NYC Posts: 1,179	Closing costs can also include title insurance and search for the years between your original search and the new mortgage -- and new escrows for your taxes and home owner's insurance if you're switching banks. It really depends on quite a few factors. Title search and insurance are not negotiable. If you have new escrows for taxes you will be getting what's currently in your escrow fund back -- in short -- there's no one answer to this and no "typical" closing costs. In a state with high property taxes, closing costs with new escrows will be more costly. Check your truth in lending for hidden fees like origination fees (something new I've seen banks adding to mortgages my customers have done).

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