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Old 03-13-2009, 09:53 AM
 
994 posts, read 3,656,797 times
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Countrywide has a closing cost estimator for home purchase. However, it doesn't have one for refinancing.

By looking at the fee list for refinancing, they look almost the same as the list for home purchase. Can I assume the closing costs will be the same? Or, which lines will be excluded for refinancing?

FYI, I live in FL.
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Old 03-13-2009, 11:45 AM
 
Location: central, between Pepe's Tacos and Roberto's
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I don't know about FL, but here in NV title fees are usually a bit higher for a refi than a purchase. Everything else is usually similar here.
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Old 03-14-2009, 05:46 AM
 
3,576 posts, read 6,238,346 times
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Quote:
Originally Posted by acegolfer View Post
Countrywide has a closing cost estimator for home purchase. However, it doesn't have one for refinancing.

By looking at the fee list for refinancing, they look almost the same as the list for home purchase. Can I assume the closing costs will be the same? Or, which lines will be excluded for refinancing?

FYI, I live in FL.
It varies from state to state. In Maryland (where my other home was), closing costs are very high for the buyer. But to refinance, its much cheaper.

But in Virginia, closing cost for new purchase are lower than Maryland. But to refinance, it's much more expensive than Maryland.

It all has to do with how the state levy taxes for each transaction.
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Old 03-15-2009, 06:50 PM
 
Location: Wake Forest, NC
835 posts, read 3,715,562 times
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Quote:
Originally Posted by acegolfer View Post
Countrywide has a closing cost estimator for home purchase. However, it doesn't have one for refinancing.

By looking at the fee list for refinancing, they look almost the same as the list for home purchase. Can I assume the closing costs will be the same? Or, which lines will be excluded for refinancing?

FYI, I live in FL.
Appraisal, attorney, lender fees should be the same no matter purchase or refinance. Ask your LO about a re-issue rate on title insurance. Here in NC it is about $2.10 per thousand on a purchase but we can get re-issues on refi's for $1 per thousand. The part that can and probably will vary is the jurisdictional fees- taxes, recording fess, etc -charged by a government entity.
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Old 03-15-2009, 07:07 PM
 
Location: SE Florida
1,194 posts, read 3,785,577 times
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We live in Southest Florida. We attempted to get a refi on title insurance for our home when we wanted to get a lower %. Our original loan was a construction loan and at 5% was hard to beat so we waited till last year to apply. This year our home just 3 years new and again I asked to reduce our % rate on our 1 year old rate of 5.75% to a 4.25% and was told that the fees would be $4,500 including new title insurance and appraisal.. It seems as though everyone is trying to get more than they deserve.

I also asked my brother who is a mortage broker in DC and he says cities and states have regulations in place that support their communities. In Florida, it is the older generations (like me) who have the worse time due to the amount of scams because we are tagged as being gullable....

All the major and minor companies including Contrywide told us "NO" to refi or recasting title insurance on a home that has a mortage over 1 year. I know fees are just a way to gain more income for those that represent a mortgage or sell the same but I believe most fees are not necessary and replication fees are not what we want to pay.. There is absolutely no reason to charge unreasonable fees so why do the brokers and banks think we are unaware of the process?
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Old 03-16-2009, 05:31 AM
 
Location: MID ATLANTIC
8,047 posts, read 19,715,259 times
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4.25% on a fixed? I think part of the problem is there are points in there. Florida is comparable to Virginia and the title insurance is not up to the lender, it's the title company that determines if they can do a reissue rate. I am not familiar w/ what you mean by "recasting the title insurance" and can only guess you mean moving it from one loan to another, which would void most policies and why you are hitting a road block. You shouldn't need owner's title coverage, those policies are generally for as long as you own the property, a new flood cert is a must (but cheap enough), a survey is only needed if the title policy takes exception to it (means it won't cover everything if there is no survey). Personally, I would stay away from Countrywide anyway, they are taking far too long to process a transaction, and definitely stay away from the 800 number for help. You'll get lost in the black hole. They are taking 60 days to get a simple refinance done.....and even then, it's day 55 they look at your file.

Also, check into if your loan is owned by Fannie Mae. You may have an easier and more affordable method after April 4th with the new Housing Affordability and Stabilization Plan (refinance portion) that will give you significant refinance price breaks. Any lender that offers Desktop Underwriting for Fannie Mae will be able to help you.
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