Posted To: Community Commentary
With rates near all-time lows, millions of homeowners are frantically refinancing. Borrowers often think the only pertinent question is “ how much can I drop my rate? ”, when there’s other as (or more) important factors involved. Let’s look at some of those, and make more informed decisions on refinancing: What will it cost? Refinance expenses vary widely by state. Florida and New York have hefty state taxes and title fees. Attorneys are required in some states, but not others. A refinance that costs $ 2,000-$ 3,000 in low cost states could be $ 8,000-$ 10,000 elsewhere. Refinancing in the 5 boroughs? Don’t forget to account for your mansion tax! Can I get a lender credit to cover any closing costs? Mortgages have interest rates in .125% intervals. Actual loan pricing doesn…(read more)