FAQ

Refinance Loan Costs

5 questions

How much will my closing costs be?

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Your exact closing costs will depend on your unique loan scenario. Generally, closing cost will vary from $1865-3500 depending on what state you are located in.

Closing costs include:

  • Points or credits, as determined when you select your rate
  • Third-party settlement fees, which are noted on all loan estimates and disclosures
  • Per diem, which is pre-paid interest from the day of closing through the end of the month prior to your first payment
  • Escrow payment, if applicable

Within 3 days of submitting your application, we’ll send you a loan estimate that outlines your expected closing costs. If anything changes before closing, we’ll send you an updated loan estimate.

At least 3 days prior to closing, we’ll provide a closing disclosure that gives a fully itemized list of closing costs.

What fees and costs can I expect with Loan Cabin?

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You can decide whether to pay points up front to buy down your rate, or to take a credit and a higher rate.

You are also responsible for all third-party settlement fees, which can include independent property appraisal, title services, and recording charges, depending on your circumstances.

Your loan estimate, which we will send you within 3 days of submitting your application, will have a breakdown of all fees.

When will I be expected to pay fees?

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There are three possible fees that you may need to pay before closing. We will not charge any fees until after we have sent you disclosures and you have provided intent to proceed.

  • Appraisal fee
    • The vast majority of borrowers need to pay a third-party appraisal fee.
    • The amount is $405-$550
    • This fee will be charged around the time you lock your rate.
    • The only time the appraisal fee is not required is in some refinance situations, if the investor allows a Property Inspection Waiver (PIW). The PIW fee is typically around $175.

All other fees will be paid at closing. We’ll send you a loan estimate within 3 days of submitting your application that lists the expected fees. And at least 3 days prior to closing we’ll send you a final closing disclosure that includes the exact breakdown of your closing costs.

What will be the payoff amount of my current mortgage?

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You should continue to pay your current mortgage as scheduled until we close your new loan. We will coordinate with your current mortgage bank prior to closing to determine the final payoff amount. At least 3 days prior to closing, we’ll provide a closing disclosure that gives a fully itemized list of costs, including your loan payoff amount.

Does Loan Cabin charge pre-payment penalties?

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No, Loan Cabin does not originate any loans with a pre-payment penalty.

To be sure about any fees you will pay, refer to your loan estimate (which we will send you within 3 days of submitting your application) and your closing disclosure (which we will send you at least 3 days before closing). These documents will include information about all expected fees and penalties