How Much Does Refinancing A Mortgage Cost?

Refinancing a mortgage allows you to change your current loan terms and benefit in various ways, including getting lower interest rates, lower monthly payments, equity for purchasing a second property, or cash to use for other luxuries. Although it’s beneficial, it comes at a cost. Generally, you’ll be required to pay closing costs.  

What is the Cost of Mortgage Refinancing?

On average, the cost is approximately $5,000. It’s usually 2%-5% of the outstanding principal amount. This figure varies depending on the lender, loan size, location, mortgage type, mortgage term, and credit score. The closing costs for refinancing can be categorized as follows: – Application fee costs between $75-$300 – Appraisal fee costs between $300-$400 – Attorney fee costs between $500-1,000 – Title services cost between $700-$900 – Underwriting fee costs between 0.5%-1.5% of the principal loan amount – Survey fee costs between $150-$400  

How can you Lower Mortgage Refinancing Costs?

Repair Your Credit

If you’ve got a good credit score, you’ll get lower interest rates when refinancing your mortgage. Therefore, it’s essential to build your credit score in advance by timely paying bills, clearing your existing debts, and not missing debt payments.  

Request for Waivers

Requesting for fee waivers will lower your refinancing costs. Some of the fee waivers you can ask for include credit check fees, home appraisal fees, and application fees.  

Mortgage Rate Comparison

You can lower mortgage costs by comparing different rates and offers from different mortgage lenders. If you’re lucky to get a good deal, you’ll save a lot of money.  


You can talk to your lender to reduce the closing costs. However, you need to shop around to get supporting points for negotiating the costs.   In conclusion, these are some top ways to lower mortgage refinancing costs. You can use a refinance mortgage calculator Arizona to determine the amount of money you can save through refinancing.

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.



V.I.P. Mortgage, Inc. DBA Spire Financial does Business in Accordance with Federal Fair Lending Laws. NMLS ID 145502. For state specific licensing, visit V.I.P. Mortgage, Inc. is not acting on behalf of or at the direction of the FHA/HUD or the Federal Government. This product or service has not been approved or endorsed by any governmental agency, and this offer is not being made by any agency of the government. V.I.P. Mortgage, Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage, Inc. are not coming directly from HUD or FHA. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions may apply. This is not an offer to enter into an agreement. Not all customers will qualify.

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