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Profile picture for 2pat

fees to refinance, what are they for and why so much?

$2000 to $3000 how come and what do they do for me?
  • January 06 2009 - Woodstock
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Answers (11)

Best Answer

Michael Ebinger. you need to find a new format to solicit your loan business. Please read the rules here at zillow. You are once again being flagged.
  • January 06 2009
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Everyone has to get paid, without those fees, the loan does not get done. I think sometimes people overlook that we are handing out thousand and even millions of dollars. Who would do that if it where not processed, underwritten, and closed by an attorney??? Big picture, if you where handing out that money, would you pay people to review the loan and make sure everything was squared away? I think most borrowers would say yes to that.

  • February 10 2009
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Curious DJ why the magic LTV of 85% and are you talking about total closing costs being $500-1000 or just the bank fees.
  • February 10 2009
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Profile picture for djkenny
As long as you have 15% equity in your home, you should be able to re-finance. $500-1000 is more common charge at this time. Check local banks. $2000-3000 is not worth the change in rates unless you have a bad loan or ARM. Keep it below a grand in charges. 
  • February 10 2009
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ZMM, who chooses the post for new catagory "Best Answer"? The one choosen for this thread doesn't apply, does it?
  • January 07 2009
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try getting zero... it is better...
  • January 06 2009
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Hey Oldskool,
A typo.  I meant thank you for your answer to the OP and not that you thought that way.
  • January 06 2009
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Old School,
Thank you for a very straightforward, honest answer from a borrower who thinks that the closing costs just line everyone's pocket.

2pat, forgo your pay at work for a week because people think you don't deserve it or your services aren't worth it.  Work for free for a week or two because that is what it sounds like you want people to do.

You know what the closing costs are.  You bought your home.  Look at the settlement sheet.  You will see who gets what and what they do to get it.  Geez.
  • January 06 2009
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Great answer from Oldskool
  • January 06 2009
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Profile picture for oldskoolballr
That money does a lot for you.  It gets the home appraised.  It pays for the processing and underwriting of your loan.  It ensures that the title of your home is clean and you have full ownership.  It may also cover your prepays such as taxes, insurance and interest.  Many people play a role in getting your loan completed and they all have to get paid.
  • January 06 2009
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You will have to elaborate on the breakdown of the fees themselves.
  • January 06 2009
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