Refinance Mortgage

Question: I got a good faith estimate from my refinance mortgage lending company and there are title search, title?

(Posted by: krisdds426 on 2009-10-28 11:54:34)

Insurance, Title Exam and Miscellaneou Title fees. These expenses I already paid since I bought the home 2 years ago so do I need to pay again now just for refinance? Please advise, thank you. And what is the best rate now for the 15 years fixed?

Posted by: wizjp on 2009-10-28, 11:59:58

Underwriting should require an update on the status of the title to make sure no liens or outsales/ clouds have appeared on the title. Every new loan has title insurance. Yes you do Varies from day to day and situation to situation. Best discussed with your broker

Posted by: David Z on 2009-10-28, 12:00:37

Yes pay again. This is an entirely new loan and same documentation is necessary. refi is expensive. you need a nice reduction in rate to make it worthwhile.. plus if you have a 30 year loan and are refi into another 30 year loan you just created a 32 year loan. so you are going to take longer to repay if you do this. that means even more interest. oftem times people refi into a shorter loan like 15-20 years.