For those that Refinanced in DC

[Anonymous]

I'm trying to figure out how much the refinance will actually cost in cash (not prepaid type costs). I understand the points cost but I got estimates from both the mortgage company and the closing company. The major descrepancy is state/tax stamps which shows up to be $1280 from my mortgage company versus the closing company which says around $200 for recordation. The mortgage company was unsure if that was valid in DC.

Can anyone who has recently refinanced give any tips on what these costs should be? The other big one is the title insurance but i don't think i can do much other not get owner's coverage which i'm not sure is worth getting (any thoughts on that?). I'm trying to figure if its worth doing but can't get a good understanding of the true costs of getting loan so your help much appreciated.

[Anonymous]

You should call your title company that your originally used to purchase the property with. Ask them how much they will charge you for a refinance. As them about the "reissuance" rate for title insurance, etc. They are the ones who know the tax laws for the area that your home is located in.

The mortgage company will be able to tell you their charges. Appraisal fees, underwriting fees, etc. The mortgage company doesn't know the title company charges and vice versa.

Often times you can roll these costs into the new loan and not have to bring any money to closing.

One area where there can be discrepancies is your actual loan payoff. Sometimes your credit report is off due to timing. Also, there can be issues with your escrows. If you are switching from one lender to another you may have to pay advance months escrows to your new lender and then wait to get the excess from your old lender.

Just things to think about. I use Jay Martin at Bank of America and he is wonderful. He always has the best rates He can be reached at 301-571-1402 or [e-mail]

Hope that helps!