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SeaBass Properties
Rebecca Bass, SeaBass PropertiesPhone: (843) 263-3772
Email: [email protected]

Home refinance costs to consider

by Rebecca Bass 06/02/2025

Refinancing your home can have major benefits: a lower monthly payment, cash use of home equity for a variety of purposes, generate more appetizing mortgage terms, etc. However, there are a few things to remember when entering into a mortgage refinance, like refinance cost.

Here are a couple of cost options to remember when you’re ready to refinance your home:

Traditional closing costs

The biggest group of refinancing costs that you should be aware of is the closing costs. While you may not have to pay the same closing costs you did when you first purchased the house, there’s a good chance you’ll need to pay at least 2% of the remaining mortgage loan, but typically no more than 5%.

Average closing costs may include your loan application fee, private mortgage insurance, escrow fees, credit checks, attorney fees and any other property-related payments. However, these fees are based on the individual loan provider

No-closing-cost refinancing

Some refinance programs don’t require you to pay closing costs. No-closing-cost refinance options are often considered if the closing costs on your new loan don’t quite fit into the budget. The costs are typically added in with your new loan principal and may come up as higher interest rates, larger monthly payments or an extension of the loan term.

Refinance closing costs are typically part of the refinancing game, which may cause some homeowners to turn away from refinancing. However, the benefits of refinancing may outweigh the costs, and with a plethora of options available for a variety of financial situations, there’s a good chance you’ll find the right mortgage refinancing program for your circumstance.

If you need an extra bout of insight but don’t know where to start, try your real estate agent and the network of loan and finance professionals they may have at their disposal.

About the Author
Author

Rebecca Bass

EXPERIENCE MATTERS

Accredited Buyer's Representative (ABR ®)

Seller Representative Specialist (SRS ®)

Pricing Strategy Advisor (PSA ®)

Rebecca W. Bass has worn every hat around the real estate closing table in the course of her career. She is an attorney, has been a mortgage banker and a real estate investor, and is the Founder and Broker-in-Charge of SeaBass Properties. She is licensed to sell real estate in South Carolina and Georgia. Rebecca had an exciting career as an international business executive for companies such as GE and Motorola. She applies her vast experience as a negotiator for the benefit of her real estate clients.

Rebecca and her husband have relocated about 15 times in the course of their marriage, so she knows very well the stress involved in finding the right home, negotiating the purchase, and accomplishing the move. They have lived in Beaufort County for over 20 years, and Rebecca is well-versed in the Lowcountry lifestyle and all it has to offer.

Rebecca has earned the impressive designations of Accredited Buyer's Representative (ABR ®), Seller Representative Specialist (SRS ®) and Pricing Strategy Advisor (PSA ®) from the National Association of Realtors. 

Her experience as an attorney, mortgage banker, real estate investor and broker-in-charge will ensure that your real estate purchase or listing for sale is accomplished with the utmost integrity and professionalism.