Costs of Refinancing

Costs of Refinancing

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Refinancing your mortgage might help you lower your interest rate, shorten your loan term, or turn equity into funds you need – but it comes with a cost. Closing costs, like your first mortgage, must be considered.

Why should you refinance your mortgage?

To participate in or bid at an auction, prospective buyers must first register with the vendor’s agent and be assigned a bidder number. The auctioneer is in charge of the bidding process. They accept bids from prospective buyers and monitor the current offer price.

Before an auction, the seller will set a reserve price, which is normally not published. If bidding exceeds the reserve price, the property is sold upon the drop of the hammer. If your bid is successful, you must sign the contract of sale and pay the deposit right away (usually around 10 percent of the purchase price).

If you bid at an auction, you must be prepared to exchange contracts and execute the transaction. Otherwise, you will forfeit your deposit and may be held accountable for the vendor’s damages.

What fees must I pay while refinancing?

The following are some common refinance charges to inquire about:

FAQs

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