Costs and Risks of Refinancing Your Mortgage in Los Angeles Refinancing your mortgage is an ideal way to get better terms and lower your interest rate. However, it’s not right for every situation, especially when you consider the costs and risks involved. Here is what we mean. Costs of Refinancing Although refinancing your mortgage is supposed to save you money, it can come with some heavy costs such as the following: • Appraisal fees: $300 to $700 • Attorney closing fees: $500 to $1,000 • Homeowner’s insurance premium: $300 to $1,000 • Inspection fees: $175 to $350 • Repayment penalty: 1 to 6 months of interest payments • Survey fees: $150 to $400 • Title insurance and search costs: $700 to $900 Refinancing Risks Every life decision comes with its inherent risks and refinancing your mortgage is not exception to the rule. Before signing the agreement, consider the following: • If you refinance to a new term, it will take considerably longer to pay off the loan • Pre-payment penalties can cost thousands • Refinancing may not be the best option if you’re planning on moving in the near future • You may be responsible for paying appraisal, attorney, inspection, and title insurance fees at closing Shannon Christenot 700 Flower St #1000 Los Angeles, CA 90017 (818) 601-2231 Hours: Monday-Saturday 9am-5pm https://www.google.com/maps?cid=5645542632766781645 https://local.google.com/place?id=5645542632766781645&use=posts&lpsid=7176256380475206428