Refinancing. Will I pay less in closing cost if I use my current mortgage lender/bank?
Written By: admin on August 3, 2009
One Comment
I have heard you can save on some fees such as title search when you refinance with the same bank that has yiur current mortgage.
Is this right?
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This can be right. To make sure you are getting the best total deal (lowest interest rate and lowest closing costs) be sure to shop around by talking with your current mortgage lender and bank, along with talking to other lenders. You can quickly find other lenders who are offering excellent deals by looking at the consumer-friendly website BankRate.com (under "Mortgages," go to "Compare Local Mortgage Rates" and enter a few quick details).
When you are shopping around, question about closing costs and get a "Excellent Faith Estimate" of closing costs. This document is a pain to figure out, but if you get more than one you can compare the fees.
I did this – shopped around, and finished up refinancing with my current lender because they offered the best deal, including lowest closing costs.