refinance

Are you ready to refinance vacation home?

Do you have a breakdown of refinancing costs?
Do you have a breakdown of refinancing costs? © Goodluz/Shutterstock.com

When you ask, "What's this going to cost me?" you deserve a straight answer. Preferably with a spreadsheet to back it up.

"It usually costs to refinance," Smith says. So-called no-cost refis have fees built into the loan.

Ask the potential lender to itemize the fees and explain them all, Frank advises.

Want to save some additional money? If your vacation home's property taxes are saved in escrow, get that money reassigned to the new mortgage, Frank says. Not all lenders do it automatically, she says.

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