What is the cost to refinance a loan?

Refinancing your mortgage can be a great option to get a lower interest rate that will lower your monthly payment or leverage the equity in your home to pay off debt. Let’s take a look at some of the costs associated with refinancing your mortgage loan.

WHAT TO EXPECT IN A REFI

Fees You Can Expect During a Refinance

Appraisal fee: Most lenders require appraisals before refinancing. Appraisal costs vary based on your location, but on average appraisers will charge $300 - $500.

Origination fee: These are the fees the lender charges for setting up the loan.

Attorney fee: Some states require an attorney to review the loan paperwork. Attorney fees will vary widely by state.

Credit report fee: This fee covers the cost of pulling your credit score. It usually costs around $30 - $50.

Title search and insurance: This is the fee associated with the title search and issuing title insurance. It varies widely based on your location.

Recording fee: This covers the cost to record the transaction with your county.

Should You Refinance Calculator

Take a look at our Should I Refinance Calculator to get a better idea of how refinancing can benefit you. Fill in the information about your home, interest rate, your current mortgage, and your potential new mortgage, and the calculator will automatically populate how much lower your monthly payment could be and how much interest you could save.