Cheapest Banks/Providers for closing costs for a refinancing

You definitely want to try to refinance with the bank that currently holds the mortgage (I did this with Citimortgage awhile back on 2 properties that we own. They screwed up some of the paperwork something awful and it took quite a while to untangle their mess but it was the cheapest way to go). If that’s not an option, you want to make sure that the current mortgage holder is willing to assign your loan to the new lender with whom you are refinancing. For a fee they will transfer the loan, essentially. Not every mortgage holder is willing to do it, but it’s the key to avoiding having to pay taxes on the new loan.

GoodProspect

in Financial Services 12 years and 9 months ago

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tylerderden1211 | 12 years and 9 months ago

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It’s hard to get clarity online while shopping around for refinancing rates.  Has anyone done their homework already and pinpointed the best banks/providers that have the lowest closing costs? This is of big importance for me as I want to refinance, but I won’t be in my curent apartment forever so the payback period needs to be as short as possible.

coopfornow | 12 years and 9 months ago

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I got a good quote from the bank that did my original mortgage, and they told me it could be done at a low cost because they already had much paperwork on me and the property… worth asking!