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How Much Are Closing Costs?

With any refinance loan, there are third party closing costs involved in the transaction.  We have reduced our fees by eliminating high pressure salespeople, but we wanted to do more for our borrowers.  So, we went to work negotiating reduced fees charged by others as well. 


Here are a few details on how we save you money on fees charged by others:


Bundled Title and Escrow


Most mortgage companies use a separate title and escrow service.  At closing, you are paying a title fee, an escrow fee, a sub-escrow fee, wire fees and often courier fees to move documents back and forth between the separate title and escrow companies.  What a waste!


We have negotiated a bundled title and escrow fee.  By bundling title and escrow into one simple reduced fee, we have eliminated the wasted back and forth effort and expense usually expended by others.  This saves our customers an average of almost $500 per loan. 


Sound too good to be true?  We’ll prove it to you.  If you go get the final closing statement from your last purchase or refinance loan with another mortgage company, you will see all of the title and escrow costs in section 1100 of the Settlement Statement.  Do you see the separate title, escrow, courier fees and so on?  All of those redundant fees have been eliminated by our negotiations on your behalf. 


Click Get Rates to view your estimate of costs nd compare you new bundled title and escrow fee to the excessive charges you paid the last time you refinanced with another mortgage company. 


**Bundled title and escrow not available in all states.


Nickel and Dimed

Many mortgage companies will nickel and dime you to death.  $50 for this fee, $75 for that report, $100 for that certification and so on.  Our borrowers told us how frustrated they were with this, so we eliminated it. 


Once you click Get Rates and view your new rate, payment you will see our exact closing costs via our online estimate of costs.  We have simplified the expenses to simplify the process.  We don’t have high pressure salespeople to talk you into paying excessive fees, so what you see is what you get.  No surprises. 



Our most popular loan option is the zero point loan.  Once you click Get Rates, the initial interest rate and payment is quoted with zero points.  If you would like to explore buying down the interest rate, simply click the tab underneath the new loan proposal that says View Interest Rate Buy Down Options.


You can choose to buy down the rate by paying points.  One point equals one percent of the loan amount.  So, for example, one point on a $100,000 loan is $1,000. 


There are many instances where the lower rate and payment will more than offset the fee you pay for buying down the interest rate. 


Buying down the interest rate is not necessary and is completely your decision.  Your Loan Originator will be able to help provide some insight into this for you.  Please do not hesitate to ask. 


How are the closing costs paid?

The closing costs on a refinance loan are not required to be paid out of pocket by the borrower at closing.  With most loan types, we can wrap the costs into the loan.  Your Loan Originator can review this in greater detail when you apply.   

So, yes there are closing costs on a refinance loan.  Generally, the small amount of closing costs will be offset by lower overall monthly payments.  Once you click Get Rates, enter your loan details and click Calculate Savings, your new loan proposal will show you your monthly payment savings.  

Click Get Rates to see how much you can save and compare your closing cost options.



Speak With A Loan Originator 


Would you prefer to speak with a Loan Originator over the telephone?  Please call us directly at   1-800-276-CYOL(2965) and choose option 1.  Or, click here to have one of our experienced representatives contact you directly.