Cut Refinancing Expenses

A lower rate is exciting. But when closing costs get rolled into the new loan, it’s easy to overlook that they can add thousands to your balance.

A little shopping can cut those costs, and that money is yours.

Here’s how.

Ways to lower refinancing costs

• Ask lenders to quote the loan with minimal closing costs.
• Check with your current lender, which may offer a better deal.
• If you have an FHA or VA loan, ask about a streamline refinance.
• Compare several lenders, including credit unions.
• Reach 80% loan-to-value or better to avoid mortgage insurance.
• Ask whether an appraisal waiver or automated valuation is possible.
• Ask about a reissue discount on title insurance.
• Consider a shorter term if you can afford the payment.

Compare the paperwork

Lenders must give you a Loan Estimate within three business days of your application. Compare them side by side, line by line. Points paid on a refinance are generally deducted over the life of the loan, unlike on a purchase, so ask your tax pro.

Read 15-Year Mortgages and Money Down the Drain.

This is general information, not financial, tax or legal advice. Talk with your lender, CPA or attorney about your situation.

A simple plan for your refinancing costs move

I’ve been helping people buy and sell homes across the west metro for about two decades, and I build and remodel luxury homes too. I’ll help you see both what a property is and what it could be.

Getting the house ready, or making it yours

If you’re selling and want repairs handled before buyers see them, Super Crew Contractors can give you an estimate. If you’re ready for something custom, Ivy Lane Homes does luxury home building and remodeling. And a quick coverage check with Intrinsic Insurance before closing can save you a surprise. For the local picture, read my Chaska homes guide or browse neighborhoods in Chanhassen and Victoria.

Your next step in refinancing costs

Every move is different. When you’re ready to talk about yours, I’m a call or text away.

Please note: I don’t handle rentals or property management. I work with buyers and sellers, and that’s where I can help you most in refinancing costs.

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