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Home Buying Refinancing Loan Program Apply

If you have additional questions on the cost of refinancing or if you are ready to refinance now:

Title Search and Title Insurance
This is a legal requirement all lenders must meet in issuing a new mortgage. The title
Title Insurance search confirms that no outstanding claims exist against the property, and that the insurance guards the lender against mistakes made in the search.
Tip: Be sure to ask if the company holding the present title insurance policy can re-issue your policy at a re-issue rate. This could save you up to 70%. (Your current lender can tell you which company is holding your policy.)
Application Fee
This fee covers the lender's initial processing costs and credit report fees.
Appraisal Fee
Your home must be appraised again to verify its current value. This fee will cover the cost of that independent appraisal.
Loan Origination Fee
This fee covers all the costs associated with processing the loan.
One point is 1% of the value of the mortgage. Another way to define a point is as a pre-paid finance charge, payable when you close on your mortgage loan. Generally, the more points you pay, the lower your interest rate.
Closing Agent and Review Fees
Most lenders charge a fee for the services of the closing agent. You may also be charged for other legal services involved in completing your loan.
Prepayment Penalties
Some mortgages carry a penalty for paying off a loan before the stated term is up - and it can be quite substantial. If your mortgage is less than 10 years old, the chances of such penalty slim. Check your original mortgage for information.
Other Costs
Depending on your mortgage, you could also be charged fees for a VA loan guarantee, FHA or private mortgage insurance, and a variety of other possible costs.
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