Posted by Stacy (AZ) on October 28, 1998 at 16:41:18:
It’s very common to add refinance charges to the principal amount, costing you nothing out of pocket. The monthly payments may end up being a dollar (or so) more per month than they would have been if you paid the refi costs up front.
Stacy
Is it possible without closing costs? - Posted by Barbara Adams (ME)
Posted by Barbara Adams (ME) on October 28, 1998 at 15:51:24:
I am contemplating refinancing my home for the second time this year because my equity is sizeable, the interest rate is too high, and I want the use of the money. Is it an uncommon practice for refi lenders to add the closing costs to the loan? I heard recently of a NY bank who did this.I really am not thrilled with paying closing costs twice in a year, especially since the first ones were too high. Thanks in advance.
Barbara (ME)