Can You avoid paying Closing Costs when Refinancing Your Home in Miami? Are you still looking for a mortgage lender near me?When you’re considering refinancing your mortgage, one of the fees in the process are closing costs. When refinancing your current mortgage, you should expect to pay anywhere from 2% to 5% of the loan amount for closing costs. However, you can roll these costs up into the new loan with a no-closing-cost refinance. This type of refinance eliminates your upfront closing costs. The fees are figured into the loan or you can pay a higher interest rate on the principal balance. As implied in the name, no-closing-cost refinance eliminates these costs. However, you should expect a higher interest rate which could equate to paying more money over the term of the new loan. This type of refinance could also include other financing fees. So instead of paying the closing costs upfront, they’ll be spread out over the life of the loan. As mentioned above, closing costs range from 2% to 5% of the principal balance. In addition to your application fee, closing costs usually include: • Appraisal fee • Credit check fee • Credit report fee • Mortgage insurance • Origination fee • Title search Is this type of refinance right for you? If you’re not planning on living in your home more than a few years, this can be a great option for you. https://www.google.com/maps?cid=12974367486530137074