[sscreener]

We Are About To Refinance,the Total Would Be 185.000 We Would Like A 30yr Fixed With No Points At 6.5% We Don't Know What The Closing Costs Will Be.does Anyone Know Approx How Much It Would Be.

[Fr_Chuck]

I would ask for no closing costs personaly, they can add document fees, new apprasial fees ( if they only review your old one)
Everything is up for negotiation when you are doing a loan,

And you do want to get that loan as soon as you can, at least all of my friends in the business, with the housing market going down slightly and reactions from the upcoming election, many see rates going up over the next few months.

I just refinaced all of my loans the last few months myself.

[posheak]

Closing costs completely depend on the lender, but you're probably looking at 3000-5000 dollars.
Current rates, without points, is 6.125. Closing costs should be less than $2000, including appraisal, title insurance, prepaid homeowner's insurance, escrow closing fee, tax service fee. Your lender should give you a Good Faith Estimate, detailing all costs involved in the loan.
Hope this helps

[Dr D]

Whenever I do a mortgage, I advise my client to pick a rate with no discount and no origination fee (1% of loan amt) which is a closing cost. There may be differences depending on which state you are in, but in AZ the CC should run in the neighborhood of $2500 for 6.375% with no points or origination. If you are doing a rate/term refinance there should be no add ons. If you are doing a cash out with a Loan to Value >70% FNMA will charge 1/2 point more. With a LTV of 80-90% they will charge 3/4 of a point. The CC are money thrown down the rat-hole never to be seen again, and should be kept to a minimum. Closing costs are a fact of life and get paid one way or another; either in cash or by "Yield Spread". The higher the note rate, the higher the Y.S. Take the rate high enough and ALL closing costs can be covered; but there is a Law of Diminishing Returns the higher you go on the rate. In the case of a borrower who will sell another property and pay the new mortgage off in a short time I would advise a rate that would cover all the CC. For the long term I would advise a rate with 0 points and 0 origination. Prepaids and impounds are not true costs but merely shifting money from one pocket to the other. This would consist of taxes, insurance and prepaid interest.