Home Refinancing Loan

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Getting a Home Mortgage Loan Quote Doesn't Mean You are Getting a Deal

Have you ever tried to get home refinancing and was asked for money up front, just to process your application? If not, you've probably heard horror stories about all the money lenders can sometimes request from you upfront, with no guarantees you will get the home refinancing you want. Really, this is why it is important to go with a lender you trust. Perhaps a quick phone or email conversation will make you feel comfortable or be tipped off that it just isn't the right lender. Your home refinancing should be easy, just remember that there are costs associated with it and no matter who you go to, home refinancing loans aren't free.

Appraisal fee

Lenders make money by selling a loan. There is no guarantee for them that your home refinancing will ever close. You home may not be worth as much as you thought or you may even change your mind on your home refinancing. One fee that you should expect to pay upfront is your appraisal fee. It is a requirement on almost all home refinancing loans and should be an expected cost of home refinancing.

Occasionally you will find a lender that will front the money for your appraisal. That's ok too, it doesn't mean your lender is overcharging you. All it means is that he will either roll the cost into the loan or he will take the cost from elsewhere in the loan. No matter what happens you are in essence paying for an appraisal.

Closing costs

Every loan has closing costs. If you were led to believe your home refinancing loan didn't, what they may have meant to say is that they were being rolled into the loan. With typical mortgages, even if you are just refinancing, there are always closing costs. As with the appraisal fee, closing costs can also be incorporated or rolled into your home refinancing loan. One notable difference is if you are getting a home equity line of credit. That type of loan has yearly fees instead of closing costs so be sure not to confuse the two options of home refinancing.