We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for .
Editorial Integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How We Make Money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Mortgage refinancing rates are enticingly rock bottom. But don’t be hypnotized by the low percentage points when you are trying to decide whether to refinance. Consider this: There is a price to pay even above and beyond the “points” you’ll be required to shell out. Make sure you factor these costs into your considerations.
Application fee ($75 to $300). You’ll pay this fee even if your loan is denied.
Loan origination fee (zero percent to 1.5 percent of the loan principal). A charge to evaluate and prepare the loan documents.
Appraisal fee ($300 to $700). Sometimes this cost is folded into the application fee. You can check to see if this fee can be waived if you have had a recent appraisal of your home.
Inspection fee ($175 to $350). Before you get your refinance loan, the lender may ask that you get your home inspected for structural problems, termites and other pests.
Attorney review and closing fee ($500 to $1,000). You may get charged for the lawyer who conducts the closing for the lender.
Title search and insurance ($700 to $900). This will cover the cost of searching your property’s records to make sure you are the rightful owner and to ensure there are no liens against the property.
Survey fee ($150 to $400). This fee may be waived if a survey of your land and buildings has been recently done.
Prepayment penalty (one to six months’ worth of interest payments). Before refinancing, check the fine print of your current mortgage for prepayment penalties that will cost you extra if you pay off your mortgage early.
Before you jump into refinancing, make sure you not only understand the mortgage refinancing rates but all the hidden costs associated with refinancing your loan. Visit Bankrate’s free refinancing calculator to plug in the numbers to see if refinancing is your best option.
Share