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USDA refinance, what kind of costs are involved?

by h.littlejohn642 from Troy, New Hampshire. May 12th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

It's impossible to quote you without looking at your complete loan profile.. Certain fees are fixed.. meaning, whether your financing $100K or $500K the fee is the same.. but other fees are variable.. and will be a percentage of the loan amount, so without knowing all the details, its impossible to advise you.. Also, there are way to get the costs paid on your behalf.. this would require accepting a slightly higher interest rate which will generate additional credits which can be applied to your costs.. In reality, you should try calling a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 13th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,454 contributions

All loans have closing costs, including a USDA refinance. Typically, these costs are rolled into the transaction, giving you little to no out-of-pocket expense other than the cost of the appraisal. As for how much those are? We would need to know your state, loan amount, taxes, insurance and more. So contact a local mortgage broker in your area who does USDA loans for your personal quote. For USDA loans in MN, WI, and SD - visit me at www.JoeMetzler.com/usda

May 14th 2016
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