Just refinanced 4 months ago--marital situation requires refinance. Question concerning closing costs.
My husband has moved out and we are getting a dissolution. We don't have children and will be settling without attorneys. He has agreed to "give" me the house--no buyout to him. However, we just refinanced four months ago and I will be refinancing in my name only. We have a 20 year, conventional loan, 73% loan to value ratio (value of $130,000--mortgage balance of $94,500), had a drive by appraisal only. I know I qualify alone--I have a 780 credit score, 25% front end ratio (includes mortgage, property taxes, hazard insurance), 33% back end ratio, $38,500 annual income, only other debt besides mortgage is an auto loan (18 months to payoff). My question is, will any of the items from the previous refinance (i.e. appraisal, title search, etc) be valid for the new refinance? Just wondering if there is any way I can save on closing costs or am I destined to pay these costs again? by Jillian from Marietta, Ohio. Mar 20th 2012
Chris Brengelman (chrisbrengelman)
#46 ranked lender in Ohio - 28 contributions
Jillian,Unfortunatlely, you are destined to run into these costs again, one way or another. Because it truly costs Lenders money to approve you for mortgage loans, my best advice would to be to see if someone can give you a great rate with minimal costs. These costs can be absorbed into the interest rate by raising it .125%-.25%. I deal with these all the time so please call/email if I can be of assistance.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
If you use the same lender & title company, they might cut you a deal, but you will have to pay fee's over again.. WilliamAcres.com
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Actually, you may be able to save a little. You will need a new Lenders Title Policy for the new loan, and there will be Escrow costs associated with the refinance. If you go back to the same Title Company, they may be willing to offer you reduced pricing because of your recent transaction with them. Also, it is possible that the appraisal may still be valid for this new transaction. You would need to use the same lender, and the decision would be theirs. It's certainly worth asking. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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