In conclusion, a homeowner should plan on paying an average of 3 to 6 percent of the outstanding principal in refinancing costs, plus any prepayment penalties and the costs of paying off any second mortgages that may exist.

One way of saving on some of these costs is to check first with the lender who holds your current mortgage. The lender may be willing to waive some of them, especially if the work relating to the mortgage closing is still current. This could include the fees for the title search, surveys, inspections, and so on.

The information contained in this brochure is intended to help you ask the right questions when considering a possible refinancing of your loan. It is not a replacement for professional advice. Talk with mortgage lenders, real estate agents, attorneys, and other advisors about lending practices, mortgage instruments, and your own interests before you commit to any specific loan.

Ask your lender or real estate agent for the following related pamphlets:

* A Consumers Guide to Mortgage Settlement Costs

* A Consumer's Guide to Mortgage Lock-Ins

* Consumer Handbook on Adjustable Rate Mortgages

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Table of Contents

Intro

Would refinancing be worth it?

Adjustable Rate Mortgages

What are the costs of refinancing?

Conclusion:

Consulting Organizations

Source: Federal Reserve Board
& Office of Thrift Supervision

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