Vinson Bunting
speaker
181 appearances
1 recordings
1 series
first heard Jan 2025
last heard Jan 2025
Vinson Bunting’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, so with a refinance, you're essentially just paying off your existing loan and replacing it with a new one.
There are costs associated with that, and they're essentially the same as when you purchase your house.
You are still paying for another appraisal in most cases, credit report, all of your title fees to make sure that the title's clear.
If you have an escrow account, there's a good chance they'll want to set up a new one.
You have to fund that as well.
And that's all built into your closing costs.
There are still closing costs with refinances.
Absolutely.
A good rule of thumb is anywhere from 2% to 4% of the value of the house.
It can be significant.
Yeah.
that percentage changes.
The larger your house is, the lower that percent will be, just because a lot of those costs are fixed.
They're not variable.
Got it.
But yeah, I mean, it can be significant, and there's no such thing as a free refinance, I will say that.
No matter what you see advertised...
The cost of that would be built in to the loan somehow.
Yeah.
They may not be charging you origination fees, but there would still be, say, title fees.
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