average closing costs for refinance mortgage

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How much are closing costs? Typically, home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees. So, if your home cost 0,000, you might pay between $3,000 and $7,500 in closing costs. On average, buyers pay roughly $3,700 in closing fees, according to a recent survey.

Based on a home purchase price of $200,000 and a down payment of 20%, homebuyers in South Carolina spend on average $919 for lender fees and $1,293 for third-party fees, for a total of $2,213 in.

To calculate closing costs we assumed a 30-year fixed-rate mortgage on each county’s median home value and a 20% down payment. We considered all applicable closing costs, including the mortgage tax, transfer tax and both fixed and variable fees.

Average Closing Costs On the Rise. In 2014, a $200,000 mortgage for a single-family home with a healthy loan-to-value of 80 percent and excellent borrower credit resulted in a national average of $2,539. The cost estimates in the survey were for loans in each state’s largest city and didn’t account for title and prepaid charges.

To get a lower rate, borrowers have to refinance the loan — and pay closing costs again. Borrowers who plan to stay. If you’re in the market for a home, you’ll be happy to hear that mortgage rates.

You might be better off paying the closing costs upfront to capture a lower interest rate. If you really want to see some savings, look at refinancing into a 15-year mortgage at 2.97 percent, which is.

Refinancing a mortgage can save you money but it isn’t free.. How to Lower Refinance Closing Costs . FACEBOOK TWITTER. but knowing the average cost for that can also help you when shopping.

Cost range = $75 to 0 loan origination fee. The fee charged by the lender or broker to evaluate and prepare your mortgage loan. Cost range = 0% to 1.5% of the loan principal Points. A point is equal to 1 percent of the amount of your mortgage loan. There are two kinds of points you might pay.

{"onCurrent":true,"formType":"purchase"}. The average closing cost for refinancing a mortgage in America is $4,345. These costs may vary depending on the lender and location of the mortgaged property. Additionally, the amount you borrow will impact the cost of the refinance.