Refi fees

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camper
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Refi fees

Post by camper » Tue Aug 23, 2016 9:28 pm

We are going to refinance our home. We are 7.5 years into a 30 year mortgage at 4.75%
Home valuations in our area have improved enough where refinancing is now a viable option.
We are refinancing into a 15 year at 2.75%.
We were checking out the closing costs. Looks pretty normal to us. Mostly prepaid items.
There are a few items that state they can be shopped by us.
They are:
Title closing fee: $400
Title protection letter: $25
Title- Lender's title insurance: $360
Title settlement fee: $125
Total: $910
Do these look normal or should we shop around?
Do we just call local title insurance companies?
Thanks

ccf
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Joined: Mon Mar 09, 2015 9:13 pm

Re: Refi fees

Post by ccf » Wed Aug 24, 2016 5:10 am

looks normal to me!

The lender's title insurance will vary based on the amount that you are borrowing but that number looks ok. I use Old Republic and they publish rates, so you could compare if you want to sanity check that number: http://www.oldrepublictitle.com/newnati ... ations.asp

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Meg77
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Re: Refi fees

Post by Meg77 » Wed Aug 24, 2016 12:56 pm

Title fees are set by the state and only vary slightly from company to company (the things that can vary aren't the cost of the policies nor recording fees, but add ons like courier fees, escrow fees, etc.). Shop around if you want, but it's all pretty much the same in my experience (as a mortgage lender and someone who has financed many mortgages personally).

Mortgage fees can vary more though, so shop your loan if you're going to shop anything.
"An investment in knowledge pays the best interest." - Benjamin Franklin

stupidkid
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Re: Refi fees

Post by stupidkid » Wed Aug 24, 2016 8:36 pm

You might also have appraisal and interest fees, along with a few others, like wire and doc mgmt, but they could be in your title fee. But the fees listed look OK.

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