Costs of Refinancing: What Refinance Companies Don't Want You To Know

All lenders and brokers want you to refinance because they are paid a big upfront commission for introducing your business.

This is why they want to see you move to another lender so they can get this upfront commission.

Often this is at the cost of YOU, the customer, who has to pay fees and charges for refinancing.

There are a lot of costs involved in refinancing.

For starters, there are the lenders fees for discharging a mortgage ($300-1000), early repayment fees which can be up to 2% of the loan amount (on a $350k mortgage that can be $7,000) government fees and charges and these are the fees and charges for leaving your existing lender.

Then there are the fees and charges for going to the new lender, usually there is an application fee ($600-$1000), government fees and charges and depending upon the valuation, there may even be lenders mortgage insurance to pay.

Often you can save thousands simply by staying with your existing lender and getting a better deal.

Find out if you too can get a better rate with your current bank