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Closing cost for refinancing

BayHouse Credit Forum: Finance (Real Estate): Closing cost for refinancing

Don (Don)

Monday, January 22, 2001 - 08:06 am

With the rates for a VA loan dropping about a point lower, naturally I have thoughts running through my head about when would be a good time to refinance.

Can someone give me an idea about how the closing cost would vary from the original closing cost? Such as are there any I wouldn't have to pay this time?

The last time it was a VA loan with the funding fee paid in cash at closing. I closed on the house 10/99. I only have about a thousand paid off of the original mortage. A new mortgage would be about 7% from the original appraisal / purchase price of the house.

As far as the time questions go, I do not plan on selling or moving in the forsee-able future (unless I win the lottery). I bought the house that I plan to live in.

I am just thinking that the rates will drift just a little bit lower at that is the rate that I'd rather be paying for the next 30 years.

Don Semler (Dsemler)

Monday, January 22, 2001 - 04:12 pm

Don,

If you have a VA loan, you can do a VA IRR(internal Rate Reductiion.

Your cost should really only be your title fees.

There are no appraisals needed, no real documentation, no credit checks and they are almost automatic as long as you are current on your mortgage. Check you last closing statement for you title fees, recording fees.

Le me know if you need more info.

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