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Closing Costs
(Costs vs. "No Out of Pocket Costs")
Refinance loans have many of the same closing costs as your original home loan. You have 3 choices on how to handle these costs:
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Bring a check to closing (just like you probably did when you purchased your home) |
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Roll your closing costs into the principal balance of your loan |
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Cover lender and third-party closing costs through acceptance of a slightly higher rate for your loan |
Which option is best for you? That depends on your goals for refinancing and the amount of cash you have available for closing costs. At the very least, all 3 options usually require you to pay at closing for pre-paid interest on your new loan and the costs, if any, of setting up an escrow account for taxes and insurance. For more information, see Taxes, Insurance and Interest.
Current Countrywide customers will be able to transfer their existing escrow account. You will also be required to bring the rough equivalent of 1 month's payment to closing. This will cover the prepaid/accrued interest plus 1 month of taxes and insurance so your escrow/ impound account remains on schedule.
To determine what method of paying closing costs is best for your goals, see Closing cost payment options.
How much will you need for closing?
Try our Closing Cost Calculator for an idea of how much you'll need.
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Countrywide has a huge selection of loans built to suit specific needs of our customers. Our home loan experts are ready to help you find the loan that’s right for you! Contact us now to get a FREE, no obligation loan consultation:
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1-800-901-9479 |
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Available 7 days/week |
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Quick and easy process |
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Low, up-to-the-minute rates available by phone |
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Ask about our no-closing cost loans |
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 Equal Housing Lenders. © 2008 Countrywide Bank, FSB, Countrywide Home Loans Division. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or its subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.
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