COSTS
What will all of this cost me? This is the first question that we are always asked. The maximum amount of Lender’s
Closing costs that we will allow is $1645 (for a loan amount down to $80,000). The only time that your Lender’s Closing Costs
will be higher than this amount is if you decide to “Buy Down” the interest rate by paying Discount Points or your loan amount is
less than $80,000.
The costs of a refinance are split into 3 categories:
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Caryn L. – Raleigh, NC
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to lower our monthly payment by $374 per month after we were told that we couldn’t refinance by 2 other lenders.”
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No Lender will have any type of control over the prepaid items or the 3rd party fees. One 3rd party fee that we would like to
point out is a “Subordination Fee.” Some 2nd mortgage lenders will require an upfront fee just to look at your paperwork to
see if they will allow a refinance of your 1st mortgage. Every lender is different, so depending on who your 2nd mortgage lender
is will tell us if there is a fee. All of our banks will collect an application fee of $350 (which will be applied towards the
$1645 Lender’s Closing Costs). This fee is to cover the appraisal and can be paid either by check, Visa or Mastercard.
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- Prepaid Items – These items include prepaid interest, prepaid taxes, and prepaid insurance to start up your escrow account. Your prepaid items will be identical no matter what lender you use.
- 3rd Party Fees – These fees include Title fees, attorney fees (if necessary in your particular state), the Upfront Mortgage Insurance Premium (UFMIP) that will be paid directly to FHA and any other fee that needs to be paid to a 3rd party (except for an appraisal, which is included in the Lender's Fees.). Your 3rd Party Fees will be identical no matter what lender you use.
- Lender’s Fees – These are the only fees that will differ depending on what lender you
use. These fees include underwriting, processing, appraisal fees, etc.
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You Have Options.
Call Us Today!
1-866-928-0777
UpsideDown8020mortgage.com 1-866-928-0777 info@UpsideDown8020mortgage.com
