what closing costs are required by law in Delaware?

Closing costs are not required by law, they are required by the lender... you have to have an appraisal for most refinance transactions, so someone has to pay for the appraisal... a title search has to be done so the lender can verify that their loan will be in first position and no other liens exist.. Someone has to pay for that... your lender will charge fees to initiate a loan... someone has to pay for that.. The lawyer isn't going to look over your paperwork for free either.. So the "Closing Costs" are a necessary part of refinancing.. You will pay for them one way or the other.. Some lenders will tout "Zero Closing Costs".. But believe me, you are still paying for it.. They raise the rate to pay for those costs.. You pay for it in a the form of a higher interest rate over the life of the loan... You are making a huge mistake if you're using your current lender to refinance... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi Richard,That would be a question to directly ask your current lender, I have heard lenders not requiring that in some cases, and others would. But again I would confirm with them. If they do require, feel free to message back and I would be happy to walk you through a scenario that best fits your situation to solve all your financial goals.

What most people don't understand is that the people you are making your payment to more than likely do not own the mortgage, they are just acting as the collector. In this capacity, they are called the "Servicer". This means that if you go back to them, they are writing a new loan to pay off the old loan. Therefore, all of the normal expenses one incurs for a new loan will be there on this transaction. So, Yes, these fees are required. That said, Don't go back to your servicer. They have no incentive to treat you well. My advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com