How much will it cost me to refinance?
In addition to an application fee of $425 you will likely have to pay an
origination fee (typically 1% of the loan amount). In many cases you will have
to pay much of the same costs that you had to pay with your current home loan
(title search, title insurance, misc. lender fees, etc.). The sum of these fees
could cost you up to 2-3% of the loan amount. If don't have the money to pay
for associated loan costs, look for lenders that offer 'no-cost' loans. These
loans will charge a slightly higher interest rate, so ask a lender if it would
still make sense to refinance using this type of program.