In a refinance transaction, your current mortgage is paid off and a new mortgage is recorded. For this reason many of the same items paid when you purchased the home will apply to the refinance as well.

Closing costs can be divided into three main categories:

  1. Lender Fees: Advantis has very competitive lender fees. Lender fees include origination, points, application, credit report, appraisal, etc.
  2. Third Party (Title/Escrow) Fees: These fees vary by state and the actual company you select to close your loan. They can include fees for closing, title exam, title insurance, recording, etc.
  3. Pre-paid Items: These are items collected at the time of closing but are not really considered costs. They include items you pay whether or not you refinance, such as interest, taxes, and hazard insurance.
Provided there is enough equity in the home, the closing costs may be included in the new loan amount to keep your out-of-pocket costs to a minimum.