About Me

Safety, Products and Liability: A Legal Blog

Welcome to my blog. This blog is dedicated to helping anyone who is currently in the midst of a liability issue. A few years ago, my daughter contracted listeria due to poorly packaged food. She, thankfully, was okay, but we still took her case to court. I want all families who have been affected by liability issues to understand their rights, so I decided to start this blog. My beautiful daughter is now 17 and preparing to start uni next year. I have three younger children as well and an amazing husband. Thank you for reading my blog. Please share my posts if they help you!

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Safety, Products and Liability: A Legal Blog

You Won't Avoid Them, But You Can Lower Them: 5 Tips To Reduce Your Mortgage Refinancing Closing Costs

by Liesanne Martin

Mortgage refinancing involves replacing your existing mortgage in order to get better interest rates and terms. Instead of making a new mortgage and doing away with the old one, mortgage refinancing will pay off the old mortgage and allow you to take another one with better interest rates as well as terms. However, just like any other type of mortgage, you will not avoid the closing costs and they can add up to a higher percentage of the mortgage. You can however lower these costs, and here are a few tips on how you can do that.

Close the Refinancing at the End of the Month

Scheduling the closure at the end of the month is one of the easiest ways to circumvent the closing costs. This is because if you schedule your closing at the start of the month, you may have to pay the interest for all the days up to the end of the month.

Include the Closing Expenses in the Loan

If you do not have enough cash and you feel that the closing costs will have a huge impact on your finances at the time of closing, you can consider including the closing costs in the loan. Mortgage lenders may charge you more for this, but it will be a good option to get into the home of your choice with a less cash upfront.

Negotiate the Costs

Negotiation can always lower your closing costs. Mortgages are associated with a variety of charges, all of which are either negotiable or non-negotiable. For the non-negotiable charges, especially those involving third parties such as attorney's fees and appraisals, you will have no choice but to pay them. However, you can bargain on the negotiable costs such as the paperwork fees and other charges for services offered by the lender.

Watch Out For Mortgage Rates and Avoid Paying Points When the Rates Are Low

In exchange for lower interest rates, you may have the option of paying more points at closure. However, if the rates are already low, paying these points may be costly and unnecessary.

Find Out Whether the Seller Can Pay the Entire/Part of the Closing Costs

There are instances where sellers may be willing to pay a part or even the entire closing costs. Some of these situations include a struggling market or a property that has remained on the market for quite a while.

For more information, contact a conveyancing firm.