Unknown Risks of Refinancing Your Mortgage
Cost Factor
Though not included in the document but every borrower pays a fee to obtain a new loan. The cost of refinancing includes broker fees, mortgage points, title insurance, appraisal fees and possible additional costs. These fees must be paid in cash, or they will be added to the mortgage's principal balance. Sometimes the fees are wrapped into the entire loan, so you end up with a bigger loan amount. Other times, you are paying for it using a higher loan rate.
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