What are closing costs involved in refinancing loan. Do we loose money paid for lender's title insurance. As mortgage rates are going up due to adverse fees Freddie mac charging i am thinking of locking whatever lower rate I get if lender is offering zero closing fees. How do you evaluate refinance is worth going for?

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Create an amortization schedule to calculate remaining total interest on your current mortgage then create another schedule with the new mortgages (est. interest + est. closing costs). There are lots of lenders out there offering no point and no fees for well qualified borrowers. We are in the greater LA area and just refi’d our old 3.75% fixed to 2.625% fixed with no points/no fees. We plan on making the same monthly payment as our old mortgage and will be done in 21 years vs 30.

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I don’t believe there is title insurance for a refi. But I found a broker I really liked who helped me calc the break even point for my facts and circumstances. I really like her and when we bought a new house a few years later, I went to her again. (My trust in her and commitment to using her didn’t stop me from getting some other quotes and asking her to match them.)

It depends on the bank and the rate and your credit...I got several thousand “closing credits” for opening a checking account with the bank. So closing costs were very low, like $800 or $1800 and well worth it for the new rate and cash out.

So I’m refinancing right now. First, be wary of the phrase “no fee closing”. That just means that the fee the lender themselves would charge is waived. That’s normally around $800-$1000 (normally called the underwriting fee). But there are still a bunch of other mandatory closing costs that you still have to pay and the lender doesn’t have control over to waive (amounts could change):
- appraisal fee: $500
- credit report check: $70-100
- title fees (there are a bunch of fees in this category): $1500-2000
- recording fees: $200-400
- escrows and prepaids: you need to front any taxes or home insurance that was previously escrowed by your current lender, but you get that money back eventually from the current lender after the refinance

It’s definitely worth it to refinance right now, rates are amazing. But you will still have closing costs. Those costs could be paid upfront, or wrapped into your new mortgage loan.

Yep GT1 there will always be closing costs. Those are mandated by the state the property is in. The distinction is 1. If the lender is going to charge their own fee or not, and 2. If the costs can be wrapped into the loan, which is really dependent on the LTV ratio

If you cannot find an honest lender that truly provides no point/no fees, keep looking. Our credit profiles are in the 800s. While by law, the lender do have charge certain fees at the time of refinance, but it doesn’t mean that ALL fees can’t be picked up by Lender as a credit. Here is a snapshot of our Closing Disclosure, we cut a check for $930 - prepaid interest 17 days on the new mortgage. We did not roll a penny of the closing costs into our new loan, it was provided as lender’s credit, in fact, we are getting a small refund check on the proceeds due to interest calc from old Lender. This is our 4th new mortgage/refinance in the last 10 years.

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OP, here is a snapshot of our final CD listing all the fees, we are in SoCal so fees could be different depending on your State. As you can see, our closing costs/fees were all picked up by the new lender as a credit. We only had to cut a check for prepaid interest because we choose not to roll it into our new mortgage. Our appraisal was waived due to LTV ratio (below 50%).

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Title insurance was several thousand dollars when we recently refinanced. The policy goes with the loan, which is why you need a new policy even if refinancing the same property with the same bank (which I think is ridiculous). However, you can easily shop online for a lower cost policy. You don’t need to use the title insurance company suggested by the lender. We saved close to $2k. There may be differences in different states (we’re in PA). The company we used was Entitle. No idea if they are national or not.

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