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Cost to refinance mortgage in ny


cost to refinance mortgage in ny

Can include land & construction costs · Refinancing options for home renovations · Fixed, adjustable and jumbo loans available · Construction-to-Permanent loan. Refinancing will immediately cost you $5,550.00 to cover the loan origination fees. It will take 47 months before the savings in interest offsets the. The state charges a recording tax on new mortgage debt. The rate varies by county, with the minimum being 1.05 percent of the loan amount. The.

Cost to refinance mortgage in ny -

Average Cost of a Mortgage Refinance: Closing Costs and Interest Charges

The average closing cost for refinancing a mortgage in America is $4,345. These costs may vary depending on the lender and location of the mortgaged property. Additionally, the amount you borrow will impact the cost of the refinance. Refinances advertised with "no closing costs" or "no fees" often fold those charges into the interest rate, amount borrowed, or monthly payments of the new mortgage.

Average Cost of a Mortgage Refinance

To help illustrate the underlying costs associated with a refinance, we’ve itemized the most common fees below. We’ve also described a few of the costs specific to refinancing in more detail. See our article on closing costs:

Mortgage Application Fee$75 – $500$235
Property Appraisal Fee$225 - $700$480
Loan Origination Fee0 – 1.5% of Loan Principal1% of Loan Principal
Inspection Fee$175 - $350$255
Survey Fee$150 - $400$275
Attorney and Closing Fees$500 - $1,000$750
Title Search and Title Insurance$400 - $900$733
Local Recording Fee$25 - $250$138
Reconveyance Fee$50 - $65$58

The closing costs for a mortgage refinance are similar to the closing costs for a new mortgage. Estimated refinance costs exclude property taxes, mortgage insurance and homeowner’s insurance, which are typically required before purchasing a new home but may not be relevant when refinancing a property you already own.

Local Recording Fee: Local statutes require updated deeds to reflect the status of a new mortgage. This fee will vary according to the township in which your property is located.

Reconveyance Fee: The lender of the original mortgage may charge a reconveyance fee to release their interest from the property.

The following fees may be mandatory under certain circumstances but do not apply in all scenarios.

Homeowner's Insurance$650 variable based on property
Points1% of Loan Amount reduces loan interest rate by ~0.25%
Flood Certification$100
Yield-Spread PremiumApproximately 0.25% of Loan Amount

Homeowner's Insurance: You should be able to avoid paying additional costs for this if you are able to submit proof of adequate coverage on your home.

Points: These include loan-discount points and lender credit points. These reduce either the overall or upfront costs of the borrower.

Flood Certification: This is required for properties that fall within designated flood-zones, mandated by the National Flood Insurance Program. Properties that fall outside flood-zones are excluded from this charge.

Yield-Spread Premium: This applies to borrowers conducting their search through a mortgage broker, and acts as a commission for arranging the transaction.

Average Cost of Amortization

For our analysis, we evaluated the average cost of refinancing a $160,000, fixed-rate 30-year mortgage, originated in 2011 at 4.45%, at a rate of 4% today. We found that refinancing today reduces your monthly payments by $35 and results in $5,885 of savings over the life of the new loan. Assuming average closing costs of $4,345, it would take a little over ten years to recoup those fees.

While it may make sense to refinance today at 4%, this may not be the case as the years go on. Also, if you were to sell your home at an intermediary date after refinancing, the savings may be partially or entirely eliminated by transaction costs.

Term30 year fixed at 4.45%Remainder Fixed at 4%Remainder Fixed at 4%Remainder Fixed at 4%
Monthly Payments$806$770$775$789
Average Monthly Savings from Refinance-$35.52$30.67$16.78
Average Lifetime Savings from Refinance-$10,229$7,361$2,013
Average Closing Costs-$4,345$4,199$3,699
Estimated Net Savings after Closing Costs-$5,885$3,161($1,686)
Estimated Breakeven Time to Recoup Closing Costs-10.17 Years11.33 Yearsclosing costs exceed savings

Closing costs are not the only cost incurred during a refinance. Depending on the purpose or timing of the refinance, interest expenses incurred during the amortization of the new loan can sometimes exceed the benefit of refinancing. These expenses should be regarded as additional charges and pose the greatest hidden cost for borrowers. When deciding whether to refinance, it’s helpful to weigh the reduction in monthly payments against the overall savings over the life of the loan.

Average Cost of Refinancing into an Adjustable Rate Mortgage (ARM)

We evaluated the average cost of refinancing a $160,000, 30-year fixed-rate mortgage, originated in 2011 at 4.45%, into a 5/1 ARM at a rate lock of 3.16%. After the five-year rate lock expires, the adjustable rate increases to the current one year Treasury Rate + a margin of 2.74% for a rate of 4.36%, which continues to increase annually by the cap rate of 2% until maxed out at the lifetime limit of 9.26% as our most aggressive assumption.

In this scenario, we found that the ~1.3% interest rate differential allows you to recoup your closing costs within four years of refinancing, making this a profitable decision in the short-run. Nonetheless, we found that the benefit from refinancing was quickly eliminated once the rate lock expired, and was actually $58,000 more expensive than the original loan if left outstanding until maturity. While this isn’t necessarily indicative of future market conditions, it illustrates the risks inherent in an adjustable rate structure. The potential costs or savings from an ARM structure rely on the movement of future interest rates, which are difficult to predict.

average adjustable rate mortgage refinancing costs

You may wish to refinance into an ARM if you intend to sell your home after the rate lock expires as the short-term savings from this structure are attractive, and can be amplified if rates stay low for an extended period. However, there are long-term risks to such a strategy that become magnified after the rate lock expires. It’s often difficult to forecast interest expenses when refinancing into an ARM because of the adjustable rate, which changes annually based on a margin to an index.

Average Cost of Refinancing from a 30-Year Mortgage into a 15-Year Mortgage

We evaluated the average cost of refinancing a $160,000, 30-year fixed-rate mortgage, originated in 2011 at 4.45%, into a 15-year fixed-rate mortgage at a rate of 3.26%. We found that refinancing today increases your monthly payments by $196 but reduces your overall interest expenses by over $47,000 over the life of the new mortgage, after factoring in transaction costs.

Our analysis shows that the benefit from refinancing into a shorter term is diminished from waiting. Assuming that 15-year rates stay constant, if you were to wait until 2021, then the savings from the refinance would be reduced from $47,400 to approximately $27,300. It’s important to weigh the savings from refinancing earlier against the potential savings from waiting for rates to decline.

Term30 Year Fixed at 4.45%15 Year Fixed at 3.26%15 Year Fixed at 3.26%
Monthly Payments$806$1,001$899
Increase in Monthly Payment after RefinanceN/A$196$93
Lifetime Savings from RefinanceN/A$51,767$31,499
Closing CostsN/A$4,345$4,199
Net Savings after Closing CostsN/A$47,422$27,300

You may choose to refinance from a 30-year fixed rate mortgage to a 15-year fixed rate mortgage if you receive a permanent income bump and wish to achieve significant interest savings over the life of the loan. This is especially attractive in the early stages of a 30-year mortgage or if interest rates drop significantly. Refinancing into a shorter-term loan isn’t for everyone, but may prove lucrative for those who have the financial appetite for larger monthly payments.

In a normal rate environment, mortgages with shorter terms often offer lower rates than longer-term mortgages. The interest incurred on shorter terms is also lower. Therefore, the higher monthly payments of these structures can sometimes mean greater savings.

Average Cost of a Cash-Out Refinance

We evaluated the average cost of refinancing a $160,000, 30-year fixed rate mortgage, originated in 2011 at 4.45%, into a cash-out mortgage at a rate of 4.125%. We assumed that the amount borrowed for the cash-out mortgage is equivalent to the amount borrowed for the original mortgage. We found that by refinancing the remaining balance today of $142,500 and cashing out $17,500 for a combined $160,000 in new proceeds, we increase the overall interest expense for the new loan to $92,300 from $89,600, notwithstanding closing costs.

cash out mortgage refinancing costs

You may choose to undertake a cash-out refinance if you have large expenses that you want to fund; wish to make substantial improvements on your home; or to take advantage of current interest rates while freeing up equity. While cash-out refinances seem like an attractive hybrid solution, the "cash-out" portion of the loan will add to the interest costs of the new mortgage.

Although we found that closing costs for a cash-out refinance are similar to those for a standard refinance, interest rates for cash-out refinances are 0.12% - 0.25% higher on average, and may be even higher for lower credit scores.

A cash-out refinance is similar to a standard refinance to the extent the balance of the original mortgage is paid off. However, the new mortgage can be viewed as two portions:

  • the amount that refinances the original loan
  • the added amount that covers any lump sum payment you receive as a result of the "cash-out;" this includes closing costs/payoffs

Private mortgage insurance may be required if the amount borrowed exceeds 80% of the current market value of the home. This can cost between 0.05% - 1% of the loan amount per year, substantially increasing your long-term costs.

A cash-out refinance increases your monthly payments, which adds up in terms of interest and closing costs. By cashing out on existing equity, you increase the amount owed, monthly payments, and transaction costs, assuming no changes to the term of the mortgage.

Источник: https://www.valuepenguin.com/mortgages/average-cost-of-refinance

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How Refinancing Works

Risks of Loan Refinancing

Depending on your goals and financial situation, refinancing may not always be your best option. While refinancing offers a lot of benefits, you'll also have to weigh the risks.

For example, refinancing your mortgage usually restarts the amortization process. So, if you are five years into paying on a 30-year loan and you decide to take out a new 30-year mortgage, you'll be making mortgage payments for 35 years. For some homeowners this is a good plan, but if you're already, say, 10 or 20 years into your mortgage then the lifetime interest may not be worth the extra costs. In these instances, many homeowner refinance into a shorter-term loan that won't extend the time they will make mortgage payments, such as a 20 or 15 year mortgage (which often times also offer lower rates than 30-year loans).

Generally, refinancing is a good option if the new interest rate is lower than the interest rate on your current mortgage, and the total savings amount outweighs the cost to refinance. For example, if you have $390,000 remaining on a $400,000 loan at 4.25%, replacing your existing mortgage at 3.75% can earn savings of $162 per month compared to your previous loan.*

Use our mortgage calculators to estimate what your new monthly mortgage payments might be.

*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Источник: https://www.pennymac.com/refinancing/how-refinancing-works

Refinance Closing Costs

Photo credit: © iStock/alexskopje

Looking to refinance your home but not sure if it’ll pay off after you factor in the refinance closing costs? You’re in the right place. With a refinance, you can save money in the long run by switching to a lower interest rate. But in the short term, you’re going to have to fork over some money in refinance closing costs.

Yes, just like your original mortgage, your refinance mortgage will come with closing costs. But before you let refinance closing costs scare you away from a refinance, read on for some tips and tricks that will help you weigh the expense of closing costs against the benefits of a refinance.

First up, a few questions:

  • How much longer will you be in your home? Refinancing only makes sense if you are staying in the home long enough to reap the savings.
  • How much lower will your new interest rate be? Refinancing may not be worth the trouble and money if your interest rate savings will be paltry at the end of it. Only commit to a refinance that will make a serious dent in your monthly payments. That way, your refinance closing costs won’t dwarf the benefits you reap.
  • Have you shopped around for lenders? In the words of the US government, “know before you owe.” That means seeing what interest rates are out there and available to you. The more you can lower your interest rate, the more it makes sense to pay a new set of closing costs. Do some research on prevailing interest rates and average closing costs so you'll know how different lenders' offers stack up.
  • Have you checked your credit score? We’ll be blunt: If your credit score isn’t up to snuff, don’t bother applying to refinance. Got bad credit? Correct any errors in your credit report, never use more than 30% of your available credit if you can help it and pay your bills in full every month. Then it’s just a matter of time before your score will rise. If you've already started shopping for refinance mortgage, talk to lenders about how raising your credit score will affect the interest rates available to you.

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Now that you’ve mulled those questions over, it’s time for some tips that will help you get the most out of your refinance and make sure those refinance closing costs aren’t wasted:

Photo credit: © iStock/PeopleImages

  • Consider shortening your loan term. Why? To save lots of money, that’s why. If you’ve been paying your original 30-year mortgage for 5 years and you refinance to another 30-year mortgage, you’re tacking time and interest onto your home loan, and resetting the start date on your equity timeline. Wouldn’t you rather shoot for a 20- or 15-year mortgage instead?
  • Take a hard look at your home value. Don’t assume that your house has appreciated since you bought it. If your home has lost value and you now owe more than the home is worth, you won’t be able to refinance. Keep making your regular payments and wait to refinance until things turn around.
  • Respect your rate lock deadline. When a lender offers you a refinance interest rate, you’ll have some time to decide whether to accept. If you take more than the allotted time, though, you could lose that interest rate and be stuck with a higher one. Tie a string around your finger, set an alert on your phone, whatever you have to do, but don’t miss the deadline to lock in a favorable rate.
  • Get your own appraisal. Your lender will probably give you the names of some appraisers, but you’ll also have the option of choosing your own. If you hire your own appraiser, you can be sure that person’s interests are aligned with yours and not with the lender's. Why is an appraisal important? Because refinance approval is partly tied to your loan-to-value ratio, and an appraisal decides the “value” part of that ratio. If your current loan-to-value ratio is over 80% and you’re paying for private mortgage insurance (PMI) as a result, you may be able to refinance your way out of PMI. A favorable appraisal can help with that. If your home is worth more now than when you bought it—and the loan you’re considering is less than 80% of the home’s value—you can ask your lender to exempt you from PMI on your new refinance loan. On the flip side, if you do an appraisal before you start the refinance process and learn that your home value is now too low for the maximum loan-to-value allowed by your lender, you will have saved yourself time and trouble.
  • Shop for title services. Yes, you will have to arrange for new title insurance to go along with your new loan. Even if you go with the same lender you’ve been paying for years, they’ll want some back-up in case a title dispute keeps you from paying off your mortgage. Reach out to the company that currently provides your title insurance and ask if they will give you a discount on title insurance for your refinance loan. This is known in the business as a “reissue rate.”
  • Ease up on your credit usage. When considering your application to refinance, your lender will pull your credit report. If you’ve just missed a payment, gone on a spending spree, or are using a high percentage of your available credit, the bank is less likely to approve you for a new loan. We know it’s tempting to anticipate the savings from your refinance and spend accordingly, but wait until after closing to give in to your consumption urges. Play it safe and don’t apply for any new credit cards until you close, either.
  • Approach “free” refinance with caution. Some lenders will advertise “free” refinance options. This means one of two things: 1) the closing costs will be rolled into your new mortgage, or 2) the lender will cover the refinance closing costs in exchange for a higher interest rate. These two options aren’t so much free as they are ways to delay paying your refinance closing costs and spread the pain out over time. Depending on your situation and how much cash you have available for up-front costs, that might be just what you need, but you should know that your refinance isn’t actually free.

If it weren’t for the closing costs, we’d all be refinancing right and left in search of lower interest rates. In the real world, though, there’s no such thing as a truly free refinance. Closing costs will find you. If the unexpected happens and you have to leave the home before you recoup your refinance closing costs, you won’t come out on top. Refinancing can lower your bills and save you money, but it’s always a little bit of a gamble. That’s why it’s important to go in to the refinance process with open eyes.

Feeling ready to hunt down a new interest rate? Go for it, knowing you won’t get sticker shock when your lender hands you the bill for your refinance closing costs.


Источник: https://smartasset.com/refinance/refinance-closing-costs

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Refinancing your mortgage can be a smart financial move, potentially saving you money on your monthly mortgage payment or on total interest over the life of your home loan.

Before you apply, you’ll want to think carefully about when to refinance your mortgage. You’ll also want to decide if refinancing makes sense financially by weighing any money you’ll save against the cost of refinancing the loan.

We’ll review some common scenarios to think through.

Is refinancing your mortgage worth it? Use Our Refinance Calculator

When does it make sense to refinance?

In general, mortgage refinancing will likely make sense when it makes sense for your finances. But part of that depends on your financial goals. For instance, do you want a lower monthly payment? Are you trying to save in total interest paid? Do you need to extract cash from your home with equity you’ve built?

Here are five situations to think about before you refinance.

1. Mortgage rates have gone down

Mortgage rates for homeowners can fluctuate since they’re affected by a variety of factors, including U.S. Federal Reserve monetary policy, market movements, inflation, the economy and global factors.

If mortgage rates fall, you may be able to save by securing a lower interest rate than you have on your existing loan.

So how much should mortgage rates fall before you consider whether refinancing is worth it? The traditional rule of thumb says to refinance if your rate is 1% to 2% below your current rate.

Make sure to factor in your current loan term when considering refinance though. For instance, if you’re four years into a 30-year mortgage and refinance to a new 30-year term, it will have taken you 34 years total to pay off your home in the end. Plus, you’ll likely pay more interest over the extended term than if you had chosen a shorter term.

No matter what rates are doing, you’ll want to check that the math works out in your favor. “Make sure to calculate your break-even point and how the overall costs — including total interest — of your current mortgage and your new mortgage would compare,” says Andy Taylor, general manager for Home/Mortgage at Credit Karma.

FAST FACT

How do you calculate your break-even point?

Figure out how long it may take for your refinance to pay for itself. To do this, divide your mortgage closing costs by the monthly savings your new mortgage will get you. If you’re paying $5,000 in closing costs but you’ll save $200 per month as a result of refinancing, it will take you 25 months to break even.

If you plan on staying in your home past the break-even point, it could make sense to refinance.

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2. Your credit has improved

Your credit is a significant factor in determining your mortgage rate. Generally speaking, the better your credit is, the lower the interest rate you’ll receive.

Let’s look at an example based on recent interest rates. If you have a 30-year fixed-rate mortgage of $150,000 and your FICO® credit score is within the 660 to 679 range, the myFICO Loan Savings Calculator estimates you could pay 3.375% APR (based on interest rates as of Oct. 10, 2021).

With this interest rate, your monthly payment would be $663 and your total interest paid across 30 years would amount to $88,732.

In comparison, if your credit score was in the 700 to 759 range, the calculator estimates your monthly payment would drop to $631 (based on rates as of Oct. 10, 2021). And over the life of the loan, you could save more than $11,500 in interest.

3. You want a shorter loan term

If you’re keen to pay off debt, you may want to refinance your mortgage to a shorter loan term. You could add to your savings if you can secure a lower interest rate and shorten your term. A shorter loan term means you’ll pay less in total interest.

But one word of warning: You’ll probably be increasing your monthly payment in exchange, so make sure it fits into your budget. You don’t want to risk defaulting on your loan.

Is refinancing your mortgage worth it? Use Our Refinance Calculator

4. Your home value has increased

If the value of your home has gone up, you might also get some benefit from refinancing, especially if you have other high-interest debt to pay off or another financial goal.

A cash-out refinance lets you take out a new mortgage that’s larger than what you previously owed on your original mortgage, and you receive the difference in cash. A cash-out refi is an alternative to a home equity loan.

You also might consider a cash-out refi for home improvements or to pay for a child’s education.

But you’ll want to make sure you don’t end up paying more in mortgage interest than the interest you would pay on any debt you’re using the cash to pay off.

5. You want to convert from an adjustable rate to fixed

If mortgage rates are increasing and you currently have an ARM — or adjustable rate-mortgage — you may want to consider refinancing and converting to a fixed-rate mortgage. That’s because with an ARM, your rate may increase beyond what you’d pay with a fixed-rate mortgage. If you’re concerned over future interest rate hikes, a fixed-rate mortgage could provide some peace of mind.

When does refinancing a mortgage not make sense?

It’s also possible that now might not be the best time to refinance your mortgage. Here are five situations where it might not be worth it for you to refinance your home.

1. You have a prepayment penalty

If your existing mortgage has a prepayment penalty, consider if you’ll save enough to make paying the penalty fee worth it. And ask your lender if it’s willing to waive the penalty if you refinance your mortgage with it.

2. You’re moving soon

Do you already have your eye on a new home? Calculate your break-even point to make sure you won’t lose money once you factor in the costs of refinancing.

3. You have an existing home equity loan

If you have a home equity loan or line of credit (also known as a HELOC), you may have to ask that lender’s permission to refinance your loan. If it doesn’t agree, you might have to pay this account off before you can refinance.

4. Your refinancing fees are too expensive

A mortgage refinance can be expensive. Here are some typical fees you may have to pay.

  • A mortgage application fee (which might range from $250 to $500)
  • Origination fee (about 1% of your loan value)
  • Appraisal fee ($300 to $600)

Make sure you know what costs to expect and whether you can afford them. If you’re unable to pay the fees at this time, you may need to wait before refinancing.

5. You’re almost done paying off your mortgage

In the early years of your mortgage term, your payments primarily go toward paying off interest. In the later years, you begin to pay off more principal than interest, meaning you start to build up equity — the amount of your home that you actually own.

Once you refinance, it’s like you’re starting over. Say you’ve been paying off your old mortgage for 10 years, and you have 20 years to go. If you refinance into a new 30-year mortgage, you’re now starting at 30 years again.

Before you decide to refinance, calculate your break-even point and how the overall costs — including total interest — of your current mortgage and your new loan would compare. Take note that refinancing usually makes more sense earlier into your mortgage term.


Next steps

Refinancing, just like applying for a mortgage, can take significant time and effort. You may need to obtain additional paperwork and spend time understanding your options, so consider whether the savings you could receive make up for this extra effort before starting the process.

Additionally, since your credit can affect your interest rate, you should know what kind of shape it’s in. If it’s not in great standing, you may want to take steps to improve your credit before you refinance. And if you end up deciding that it’s worth it to refinance your mortgage, you can start by comparing today’s mortgage rates on Credit Karma.

Is refinancing your mortgage worth it? Use Our Refinance Calculator

About the author: Mika Bhatia is an Editorial Content Strategist for Credit Karma. She's worked in financial services and tech, and has now found the perfect union of the two at Credit Karma. When she's not busy strategizing about cred… Read more.

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Источник: https://www.creditkarma.com/home-loans/i/when-is-refinancing-mortgage-worth-it

The Cost of Refinancing a Mortgage

The cost to refinance a mortgage can vary according to the interest rate, credit score, lender and loan amount. Homeowners who can make lenders compete for their business are more likely to obtain a better mortgage refinance deal.

The closing costs of a home refinance generally include credit fees, appraisal fees, points (which is an optional expense to lower the interest rate over the life of the loan), insurance and taxes, escrow and title fees, and lender fees. If there is enough equity in the property at the time of refinancing, the owner may choose to finance their closing costs and fees by adding them to their current mortgage balance & they may also choose to cash out some of their saved equity. If the buyer prefers to lower the loan balance, cash may also be used to cover expenses at closing.

Homeowners with a no-cost mortgage can avoid additional fees to their current mortgage balance, or having to pay closing costs in cash, by simply taking a higher interest rate. All one-time closing costs on a mortgage (excluding insurance, interest, and taxes) can be covered by the mortgage originator, which utilizes their rebate from the lending institution who funds the mortgage.

Here is a rate table highlighting current refi rates in your area.

Escrow and Title Fees

The escrow and title fees will include both the lender and the owner policy of title insurance, as well as the escrow fee itself. The title insurance will protect not only the owner, but also the lender by insuring a clear title, and also that the people with a legal right to convey title to the property are the people who will actually do so. In some cases, the policy also protects against an occurrence of forgery or fraud.

Most homeowners who refinance have already paid for a policy of title insurance during the initial property purchase, and do not want to pay for it a second time. Also keep in mind that lenders as well as owners are insured. The new mortgage created during the refinancing process brings about the need for a new policy. Many title companies can offer a substantial reduction in both the escrow fees and title policies to borrowers needing to refinance.

Escrow fees are service fees that are charged by the title company for assuming the role of an independent third party, insuring that those involved in the transaction perform as agreed, as well as facilitating the transaction itself.

Other title costs include the miscellaneous drawing, express mail, and courier fees, as well as the recording fee, the county recorder office's fee to record the deed of trust, mortgage document notarization fees, and the notary's fee.

Arranging financial paperwork.

Lending Fees

Flat fees charged by the lender to fund and process a mortgage are known by a variety of names, and in general, can be categorized all together and commonly referred to as "garbage fees.” These fees include processing, underwriting, document preparation, as well as administrative and funding fees. Tax service fees, wire, and flood certifications are all additional lending fees. Nearly all lenders charge these fees, and homeowners can expect to pay between $650-$850 to cover them all.

Points

In general, points fall into two categories: discount fees, and origination fees. Discount fees are actually prepaid interest that a homeowner elects to pay up front, and is used to buy down the mortgage interest rate. Origination fees are also used to buy the rate down, but are mainly used to compensate a mortgage originator during the transaction, and avoid them having to accept a higher interest rate where the lending institution funding the mortgage compensates the mortgage originator. One point is the equivalent of 1% of the entire mortgage amount.

Appraisal Fees

Fees that the appraiser charges to inspect a property will depend on whether the property will be an investment property, what type of property it is, and if it will be owner-occupied (meaning the homeowner plans to live there). Typically, the fee for a standard, owner occupied single family condominium, townhouse, or tract home, is between $300-$400. Investment properties normally require a completed operating income statement and a rental survey to be completed along with the appraisal, and may add an additional $200-$300 to the appraisal fees.

Credit Fees

The fees to review a homeowner's credit report obtained from any of the three credit bureaus can range from $25 to $65 per married couple or per person. If any of the reports are inaccurate, costs to correct such errors could generate higher fees from the credit bureaus, but having an accurate credit report will help homeowners get a better interest rate.

Insurance Fees

A homeowner's insurance policy should be current at the close of the new mortgage. The standard coverage required by the lender is simply replacement cost coverage. Many lenders require a homeowner's policy to be effective for a period no less than four months after the new mortgage's first payment date. Owner's may also want to check with their insurance carriers, to insure that an incremental vs. annual payment, will be acceptable. Otherwise, they may have to pay up front for another 12 months.

For properties located in geological hazard zones, the lender will ask that homeowners have policies to cover such hazards, along with flood insurance. FEMA establishes each geological hazard zone, therefore, appraisers can easily determine whether the property is located in one of these zones by simply referring to FEMA's most current geological hazard map.

Taxes

Most counties request the payment of property taxes on an annual or semiannual basis, and the lender will require that all outstanding or delinquent property taxes be paid at the mortgage closing. Borrowers who are refinancing during the time the property taxes are due but not yet delinquent may be required, prior to closing, to pay the installment in escrow. During this time frame, the property taxes are considered a valid lien on the mortgage property.

For homeowners, it is important to remember that if they fall within the aforementioned time frame, they should not attempt to pay their property taxes outside of escrow. Doing so can delay the county in listing the property tax payment as received. The homeowner is then left to pay their taxes twice in escrow, because their title company was unable to verify the first payment was received and recorded by the county. The extra payment would be refunded to the homeowner, but such a hassle is easily avoidable.

Run the Numbers on Your Refinance

Our home refinance calculator shows how your monthly payments will change and how much you can save locking in lower rates.

Homeowners May Want to Refinance While Rates Are Low

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Источник: https://www.mortgagecalculator.org/helpful-advice/costs-of-refinancing.php

Cost to refinance mortgage in ny -

Average Cost of a Mortgage Refinance: Closing Costs and Interest Charges

The average closing cost for refinancing a mortgage in America is $4,345. These costs may vary depending on the lender and location of the mortgaged property. Additionally, the amount you borrow will impact the cost of the refinance. Refinances advertised with "no closing costs" or "no fees" often fold those charges into the interest rate, amount borrowed, or monthly payments of the new mortgage.

Average Cost of a Mortgage Refinance

To help illustrate the underlying costs associated with a refinance, we’ve itemized the most common fees below. We’ve also described a few of the costs specific to refinancing in more detail. See our article on closing costs:

Mortgage Application Fee$75 – $500$235
Property Appraisal Fee$225 - $700$480
Loan Origination Fee0 – 1.5% of Loan Principal1% of Loan Principal
Inspection Fee$175 - $350$255
Survey Fee$150 - $400$275
Attorney and Closing Fees$500 - $1,000$750
Title Search and Title Insurance$400 - $900$733
Local Recording Fee$25 - $250$138
Reconveyance Fee$50 - $65$58

The closing costs for a mortgage refinance are similar to the closing costs for a new mortgage. Estimated refinance costs exclude property taxes, mortgage insurance and homeowner’s insurance, which are typically required before purchasing a new home but may not be relevant when refinancing a property you already own.

Local Recording Fee: Local statutes require updated deeds to reflect the status of a new mortgage. This fee will vary according to the township in which your property is located.

Reconveyance Fee: The lender of the original mortgage may charge a reconveyance fee to release their interest from the property.

The following fees may be mandatory under certain circumstances but do not apply in all scenarios.

Homeowner's Insurance$650 variable based on property
Points1% of Loan Amount reduces loan interest rate by ~0.25%
Flood Certification$100
Yield-Spread PremiumApproximately 0.25% of Loan Amount

Homeowner's Insurance: You should be able to avoid paying additional costs for this if you are able to submit proof of adequate coverage on your home.

Points: These include loan-discount points and lender credit points. These reduce either the overall or upfront costs of the borrower.

Flood Certification: This is required for properties that fall within designated flood-zones, mandated by the National Flood Insurance Program. Properties that fall outside flood-zones are excluded from this charge.

Yield-Spread Premium: This applies to borrowers conducting their search through a mortgage broker, and acts as a commission for arranging the transaction.

Average Cost of Amortization

For our analysis, we evaluated the average cost of refinancing a $160,000, fixed-rate 30-year mortgage, originated in 2011 at 4.45%, at a rate of 4% today. We found that refinancing today reduces your monthly payments by $35 and results in $5,885 of savings over the life of the new loan. Assuming average closing costs of $4,345, it would take a little over ten years to recoup those fees.

While it may make sense to refinance today at 4%, this may not be the case as the years go on. Also, if you were to sell your home at an intermediary date after refinancing, the savings may be partially or entirely eliminated by transaction costs.

Term30 year fixed at 4.45%Remainder Fixed at 4%Remainder Fixed at 4%Remainder Fixed at 4%
Monthly Payments$806$770$775$789
Average Monthly Savings from Refinance-$35.52$30.67$16.78
Average Lifetime Savings from Refinance-$10,229$7,361$2,013
Average Closing Costs-$4,345$4,199$3,699
Estimated Net Savings after Closing Costs-$5,885$3,161($1,686)
Estimated Breakeven Time to Recoup Closing Costs-10.17 Years11.33 Yearsclosing costs exceed savings

Closing costs are not the only cost incurred during a refinance. Depending on the purpose or timing of the refinance, interest expenses incurred during the amortization of the new loan can sometimes exceed the benefit of refinancing. These expenses should be regarded as additional charges and pose the greatest hidden cost for borrowers. When deciding whether to refinance, it’s helpful to weigh the reduction in monthly payments against the overall savings over the life of the loan.

Average Cost of Refinancing into an Adjustable Rate Mortgage (ARM)

We evaluated the average cost of refinancing a $160,000, 30-year fixed-rate mortgage, originated in 2011 at 4.45%, into a 5/1 ARM at a rate lock of 3.16%. After the five-year rate lock expires, the adjustable rate increases to the current one year Treasury Rate + a margin of 2.74% for a rate of 4.36%, which continues to increase annually by the cap rate of 2% until maxed out at the lifetime limit of 9.26% as our most aggressive assumption.

In this scenario, we found that the ~1.3% interest rate differential allows you to recoup your closing costs within four years of refinancing, making this a profitable decision in the short-run. Nonetheless, we found that the benefit from refinancing was quickly eliminated once the rate lock expired, and was actually $58,000 more expensive than the original loan if left outstanding until maturity. While this isn’t necessarily indicative of future market conditions, it illustrates the risks inherent in an adjustable rate structure. The potential costs or savings from an ARM structure rely on the movement of future interest rates, which are difficult to predict.

average adjustable rate mortgage refinancing costs

You may wish to refinance into an ARM if you intend to sell your home after the rate lock expires as the short-term savings from this structure are attractive, and can be amplified if rates stay low for an extended period. However, there are long-term risks to such a strategy that become magnified after the rate lock expires. It’s often difficult to forecast interest expenses when refinancing into an ARM because of the adjustable rate, which changes annually based on a margin to an index.

Average Cost of Refinancing from a 30-Year Mortgage into a 15-Year Mortgage

We evaluated the average cost of refinancing a $160,000, 30-year fixed-rate mortgage, originated in 2011 at 4.45%, into a 15-year fixed-rate mortgage at a rate of 3.26%. We found that refinancing today increases your monthly payments by $196 but reduces your overall interest expenses by over $47,000 over the life of the new mortgage, after factoring in transaction costs.

Our analysis shows that the benefit from refinancing into a shorter term is diminished from waiting. Assuming that 15-year rates stay constant, if you were to wait until 2021, then the savings from the refinance would be reduced from $47,400 to approximately $27,300. It’s important to weigh the savings from refinancing earlier against the potential savings from waiting for rates to decline.

Term30 Year Fixed at 4.45%15 Year Fixed at 3.26%15 Year Fixed at 3.26%
Monthly Payments$806$1,001$899
Increase in Monthly Payment after RefinanceN/A$196$93
Lifetime Savings from RefinanceN/A$51,767$31,499
Closing CostsN/A$4,345$4,199
Net Savings after Closing CostsN/A$47,422$27,300

You may choose to refinance from a 30-year fixed rate mortgage to a 15-year fixed rate mortgage if you receive a permanent income bump and wish to achieve significant interest savings over the life of the loan. This is especially attractive in the early stages of a 30-year mortgage or if interest rates drop significantly. Refinancing into a shorter-term loan isn’t for everyone, but may prove lucrative for those who have the financial appetite for larger monthly payments.

In a normal rate environment, mortgages with shorter terms often offer lower rates than longer-term mortgages. The interest incurred on shorter terms is also lower. Therefore, the higher monthly payments of these structures can sometimes mean greater savings.

Average Cost of a Cash-Out Refinance

We evaluated the average cost of refinancing a $160,000, 30-year fixed rate mortgage, originated in 2011 at 4.45%, into a cash-out mortgage at a rate of 4.125%. We assumed that the amount borrowed for the cash-out mortgage is equivalent to the amount borrowed for the original mortgage. We found that by refinancing the remaining balance today of $142,500 and cashing out $17,500 for a combined $160,000 in new proceeds, we increase the overall interest expense for the new loan to $92,300 from $89,600, notwithstanding closing costs.

cash out mortgage refinancing costs

You may choose to undertake a cash-out refinance if you have large expenses that you want to fund; wish to make substantial improvements on your home; or to take advantage of current interest rates while freeing up equity. While cash-out refinances seem like an attractive hybrid solution, the "cash-out" portion of the loan will add to the interest costs of the new mortgage.

Although we found that closing costs for a cash-out refinance are similar to those for a standard refinance, interest rates for cash-out refinances are 0.12% - 0.25% higher on average, and may be even higher for lower credit scores.

A cash-out refinance is similar to a standard refinance to the extent the balance of the original mortgage is paid off. However, the new mortgage can be viewed as two portions:

  • the amount that refinances the original loan
  • the added amount that covers any lump sum payment you receive as a result of the "cash-out;" this includes closing costs/payoffs

Private mortgage insurance may be required if the amount borrowed exceeds 80% of the current market value of the home. This can cost between 0.05% - 1% of the loan amount per year, substantially increasing your long-term costs.

A cash-out refinance increases your monthly payments, which adds up in terms of interest and closing costs. By cashing out on existing equity, you increase the amount owed, monthly payments, and transaction costs, assuming no changes to the term of the mortgage.

Источник: https://www.valuepenguin.com/mortgages/average-cost-of-refinance

When to refinance

Refinancing your home is a big decision with a lot of variables in play. Often times, homeowners think they should just refinance when rates are lower than their current mortgage interest rate. Although a lower rate can be beneficial, there are a variety of other reasons and things to consider in order to make a financially healthy decision. The full picture of when you should refinance includes not only what your rate could be, but also how long you plan to stay in your home, how fast you want to pay off your loan, and what your refi break-even point is.

When does it make sense to refinance?

Some good reasons to refinance include:

  • The current mortgage rates are below your current loan rate.
  • You would like to pay off your loan quicker with a shorter term.
  • You've gained enough equity in your home to refinance into a loan without mortgage insurance.
  • You’re looking for some short-term cash, which can be accomplished by leveraging your home equity for a cash-out refinance.

What is a “good” mortgage rate?

Mortgage refinance rates often change rapidly, and may even change throughout the day, so it’s important to avoid focusing too much on a low mortgage rate that you read about or see advertised. A mortgage refinance rate is primarily based on credit score, and equity in the home. If you have a good credit score and proof of steady income, you are more likely to get a competitive rate.

On the other hand, hitting a rough financial patch, missing payments, or taking out loans for a car or schooling can do a number on your credit, and that affects your ability to qualify for a refinance loan and get a good rate. Before refinancing, you might want to do some credit repair to make sure you get a competitive rate.

Credit repair includes waiting to apply for a refinance until after reducing some debt, and allowing your credit history to heal over time with a period of prompt payments.

How low should rates be compared to your current rate in order to consider a refinance?

You may have heard that interest rates should be 1% or more below your current rate in order to consider refinancing. However, this generalization may not be for everyone. Sometimes, a half-point improvement on your rate might make sense for you.

Running your numbers through a mortgage refinance calculator often helps you to decide whether it’s time to refinance.

Will the savings be enough to make refinancing worthwhile?

When considering refinancing your home, it’s important to think about the costs associated. Closing costs typically range from 2% to 5% of the loan amount. Often there will be an appraisal, a credit check, and/or origination fees as well. Additionally, it’s important to check if the loan you are paying off has a penalty for paying off early.

With all that in mind, it’s important to figure to figure out your “break-even point” or out how long it would take for your monthly savings to recoup all of the costs of a refinance. For example, say that you are saving $100 a month on your payments, but the closing costs are $5,000. It would take 50 months to recoup that cost.

Your break-even point is important to calculate as refinancing at a lower rate might not even save you money. In the previous example, if you move within the 50 months it takes to recoup the cost of refinancing, you’ll lose money on your refinance. It’s important to assess whether your home fits your future lifestyle when calculating your break-even point. If you’re thinking about starting a family, moving, or selling in the coming months, you may not stay in your home long enough to break even on the costs.

When should you reconsider a refinance?

If you have already paid off a significant amount of principal, it’s important to think carefully before jumping into a refinance. If you’re already 10 or more years into your loan, refinancing to a new 30- or even 15-year loan may lower your rate or monthly payment considerably, but add significant interest costs. Because the beginning of every mortgage is used to pay the interest of the loan, the longer you’ve been paying your mortgage, the more of each payment goes toward the principal instead of interest.

Consider asking your lender to run the numbers on a loan term equal to the number of years you have remaining on your current mortgage. This may help you to reduce your mortgage rate, lower your payment, and save a great deal of interest by not extending your loan term.

Should I consider an adjustable-rate or fixed-rate refinance?

When considering what type of refinance is right for you, it’s important to assess how long you plan to stay in your current home. Generally, if you plan to stay in your home long term, you may want to consider a fixed-rate loan. If you are considering moving in a few years, you may want to consider an adjustable-rate mortgage. Here’s why:

Let's say your current mortgage is an adjustable-rate mortgage (which means that the rate fluctuates throughout the term of your mortgage on a set schedule), and you are nearing the initial term of five years at 3%. At the end of the term, the adjustable rate can reset and move higher. If you plan to stay in your home for several more years, you might benefit from refinancing to a fixed-rate mortgage, so your interest rate won’t fluctuate.

Alternatively, if you are considering moving in a few years, refinancing to an adjustable-rate-mortgage for a longer term might help you save some money because lenders usually offer lower interest rates for adjustable-rate mortgages.

Ready to consider refinancing?

Talking about your options with a member of your dedicated loan team can help you make the best decision for your situation. Homepoint homeowners can start the conversation by calling us at (833) 773-6489 or starting your application online.

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Источник: https://www.homepointfinancial.com/learning-center/when-to-refinance/

Current Mortgage Interest Rates

Today’s mortgage rates in New York

Living in the Empire State

There’s plenty for residents of New York to do and see year-round. From theaters on Broadway and the iconic Statue of Liberty in New York City to Niagara Falls State Park and lakeside resorts in the Adirondacks, adventure awaits those who call New York home.

New York first-time home buyer programs

First-time home buyer assistance programs in New York and across the U.S. offer loans, grants, down payment assistance and tax credits. But availability and qualification requirements can vary. Contact your U.S. Bank mortgage loan officer for more information about programs available in New York.

Find a mortgage loan officer in New York.

Our local mortgage loan officers understand the specifics of the New York market. Let us help you navigate the home-buying process so you can focus on finding your dream home.

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Take the next step.

Prequalification helps you see how much you might be able to borrow.

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If you’ve already found your dream home or are interested in refinancing an existing mortgage, start your application today.

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Источник: https://www.usbank.com/home-loans/mortgage/mortgage-rates/new-york.html
December 2021

Mortgage Interest Rates 2020-2021 Monthly Trends

The average mortgage interest rates fluctuated slightly week over week — 30-year fixed increased (3.10% to 3.11%), 15-year fixed decreased slightly (2.42% to 2.39%) and 5/1 ARM increased slightly (2.47% to 2.49%).

Weekly Rate Recap

Mortgage Rates Today

The number of mortgage applications decreased 7.2% as reported by Mortgage Bankers Association. “Mortgage rates rose for the third week in a row, reducing the refinance incentive for many borrowers. The 30-year fixed rate hit 3.31 percent – the highest since this April – and led to refinance applications falling more than 14 percent. Over the past three weeks, rates are up 15 basis points and refinance activity has declined over 18 percent,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Despite higher mortgage rates, purchase applications had a strong week, mostly driven by a 6 percent increase in conventional loan applications. Conventional loans tend to be larger than government loans, and this was evident in the average loan amount, which increased to $414,700 – the highest since February 2021. As home-price appreciation continues at a double-digit pace, buyers of newer, pricier homes continue to dominate purchase activity, while the share of first-time buyer activity remains depressed.”  

The interest rates reported below are from a weekly survey of 100+ lenders by Freddie Mac PMMS. These average rates are intended to give you a snapshot of overall market trends and may not reflect specific rates available for you.

Shop and compare your personalized rates from multiple lenders. (Dec 4th, 2021)
Weekly Rate Trends30-Year Fixed15-Year Fixed5/1 ARM
12/2/213.11% 2.39% ↓2.49% ↑
11/25/213.10%2.42%2.47%
11/18/213.10%2.39%2.49%
11/11/212.98%2.27%2.53%
11/4/213.09%2.35%2.54%
10/28/213.14%2.37%2.56%
10/21/213.09%2.33%2.54%
10/14/213.05%2.30%2.55%
10/7/212.99%2.23%2.52%
9/30/213.01%2.28%2.48%
9/23/212.87%2.16%2.45%
9/16/212.86%2.12%2.51%

Copyright 2021 Freddie Mac. Averages are based on conforming mortgages with 20% down.

How do I get the best mortgage rate?

To get the best mortgage interest rate for your situation, it’s best to shop around with multiple lenders. According to research from the Consumer Financial Protection Bureau (CFPB), almost half of consumers do not compare quotes when shopping for a home loan, which means losing out on substantial savings. Interest rates help determine your monthly mortgage payment as well as the total amount of interest you’ll pay over the life of the loan. While it may not seem like much, even a half of a percentage point decrease can amount to a significant amount of money.

Comparing quotes from three to four lenders ensures that you’re getting the most competitive mortgage rate for you. And, if lenders know you’re shopping around, they may even be more willing to waive certain fees or offer better terms for some buyers. Either way, you reap the benefits.

What determines my mortgage interest rate?

There are seven things that lenders consider when determining mortgage interest rates. Any change to one of these things can directly impact the specific interest rate you’ll qualify for.

Credit Score

Your credit score has one of the biggest impacts on your mortgage rate as it’s a measure of how likely you’ll repay the loan on time. The higher your score, the lower your rates. If you haven’t pulled your credit score and addressed any issues, then start there before reaching out to lenders.

Down Payment

In general, the higher your down payment the lower your interest rate, because you’re viewed as a less risky borrower than someone who finances the entire purchase. If you’re unable to put at least 20 percent down, then most lenders require Private Mortgage Insurance (PMI), which will be added to the cost of your overall monthly mortgage payment.

Loan Type

There are different types of mortgage loans on the market with different eligibility requirements. Not all lenders offer all loan types, and rates can vary significantly depending on the loan type you choose. Some common mortgage loan products are conventional, FHA, USDA, and VA loans.

Loan Terms

Your loan term indicates how long you have to repay the loan. Shorter term loans tend to have lower interest rates, but higher monthly payments. Exactly how much lower your interest rate and how much higher the monthly payment will depend a lot on the specific loan term and interest rate type you choose.

Interest Rate Type

There are two basic types of interest rates: fixed and adjustable. Fixed interest rates stay the same for the entire loan term. Adjustable rates have an initial fixed period (five or seven years is common), but will fluctuate after that period based on the current market rates for the remainder of the loan.

Loan Amount

Your loan amount is not just the price of the home, but the total amount you’ll need to borrow. This amount is calculated by the home price plus closing costs minus your down payment. If you roll the closing costs and other borrowing fees into your loan, you may pay a higher interest rate than someone who pays those fees upfront. Loans that are smaller or larger than the limits for conforming loans may pay higher interest rates too.

Location

Interest rates vary slightly depending on the state you live as well as whether you’re looking to purchase in a rural versus urban area. Some loan products like USDA loans offer generally lower rates than conventional mortgage options for eligible borrowers.

Why does my mortgage interest rate matter?

Your mortgage interest rate impacts the amount you’ll pay monthly as well as the total interest costs you’ll pay over the life of your loan. While it may not seem like a lot, a lower interest rate even by half of a percent can add up to significant savings for you.

For example, a borrower with a good credit score and a 20 percent down payment who takes out a 30-year fixed-rate loan for $200,000 with an interest rate of 4.25% instead of 4.75% translates to almost $60 per month in savings — in the first five years, that’s a savings of $3,500. Just as important is looking at the total interest costs too. In the same scenario, a half percent decrease in interest rate means a savings of almost $21,400 in total interest owed over the life of the loan.

The Cost Savings of Different Interest Rates for a $200K 30-Year Fixed Loan

Interest Rate*Monthly Mortgage Payment**Total Interest Costs
4.25%$984$154,200
4.75%$1,043$175,592

*Interest rates assume a good credit rating and 20% down payment.
**Amount doesn’t include property taxes, homeowners insurance, or HOA dues (if applicable).

Current Mortgage Interest Rates

Freddie Mac’s weekly report covers mortgage rates from the previous week, but interest rates change daily — mortgage rates today may be different than reported. To find out what rates are currently available, compare quotes from multiple lenders.

Shop and compare your personalized rates from multiple lenders. (Dec 4th, 2021)
Tim Lucas (NMLS #118763 ) is editor of MyMortgageInsider.com. He has appeared on Time.com, Realtor.com, Scotsman Guide, and more. Connect with Tim on Twitter.
Источник: https://mymortgageinsider.com/current-mortgage-interest-rates-today/
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Fixed Mortgage Rates

Rates as of: 12/03/2021

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Learn Common Home Buying Terminology

Reduce confusion when buying a home with some common terminology Buying a home involves many people working toward the same goal: to get you into your new home. These people will use lingo that you may not be familiar with, so take a look at this quick guide to homebuying lingo that can help you […]

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By accessing this link you will be leaving The Summit Federal Credit Union’s website and entering a website hosted by a third party vendor. The Summit has contracted with this third party vendor to provide you with certain services. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of The Summit. If you choose to conduct business here, you will be conducting business with the third party vendor’s website.

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cost to refinance mortgage in ny

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