Refinance mortgage A new world
Even if you do not hire your own attorney, your lender will, and it will pass the fees along to you. All these costs can either be paid up front or added onto the amount of your mortgage. Whichever option you choose, your true savings will not begin until you have paid yourself back the amount of your closing costs. Consider, too, whether you want mortgage refinancing to work to lower your monthly payment by reducing interest or to raise your monthly payment to pay principal down quicker. The first option brings immediate results in the form of monthly savings but will end up costing you more in interest over the life of the loan; the second pays your loan off sooner and costs less in overall interest.