What are considered a recurring and non-recurring costs at closing in a refinance

Sort of an unusual question, what are you trying to figure out? Generally the closing costs are lender and attorney/title charges while everything else are considered escrowed or prepaid expenses. Closing costs are a 1 time, nonrecurring cost while your escrows for taxes and insurance are ongoing.

exactly what It says.. recurring costs are monthly, quarterly, annual costs that re-occur each year.. Property taxes, Homeowners insurance, flood insurance, HOA fees, tax stamps, etc... When determining your "housing payment" for qualifying purposes, all fees are calculated and broken down to a monthly expense.. 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

The only recurring costs would be your property taxes and homeowners insurance; and, of course your monthly repayment. If you're required to pay Mortgage Insurance that could also be recurring; but there are other options for that cost (i.e. single premium or lender financed). I would be thrilled to do a full, no-cost analysis - comparing your current mortgage to potential refinance options - so you can be crystal clear on the costs, the break-even point and whether or not it makes good financial sense to consider refinancing at all. Contact me a 952.851.8979.

Hi Derek, you could look at it like this: non-recurring costs would be equivalent to "closing costs". So, title costs, appraisal costs, bank costs, county costs, etc. Recurring costs would be equivalent to your escrows. So, property taxes, homeowner's insurance, association dues (if applicable). We're in Minneapolis if you'd like me to take a look at your quotes. We're generally very competitive and able to beat out quotes by anywhere from $2k-$3k in total costs at the same interest rate. Here is my email: dortega@satorimortgage.com

Good question. I can tell that you are really doing your homework. That's good to be a really informed consumer. Recurring closing costs at fees charged at closing and are charged every month with your payment. These would include your homeowner's insurance, property taxes and if you are financing with either an FHA or Rural Housing loan or Conventional financing with less than 20% down payment, monthly mortgage insurance. All the other closing costs are one time fees paid at closing and are classified at non-recurring costs.If I can be of further help, don't hesitate in giving me a call directly at 763.519.1100. I have 35 years of experience in this industry.

Well, the closing costs, escrow, settlement fees, title insurance, notary fees, recording fees, home inspection fees, etc. will be considered as non-recurring costs. On the other hand, property taxes, homeowners insurance, flood insurance, HOA fees, etc. will be considered as recurring costs.