There are many costs when it comes to refinancing your mortgage. Most of these costs are realized at the end when you sign with a lawyer/solicitor.
Since all refinances change the title of your home, you will need a lawyer to perform this on your behalf.
Typically, the cost of a lawyer’s services is around 0.05% of the total mortgage you are borrowing. However, this fee may vary depending on the complexity of your refinance and your lawyer’s experience.
Other closing costs to consider when refinancing your mortgage include:
- Appraisal Costs
- Lawyer Costs
- Private Lawyer Costs ( if applicable)
- Land Transfer taxes
- Debt payouts (if applicable)
- Disbursement Costs
- Registration Costs
Your numbers should be communicated to you beforehand and at least fall within a 1% margin of error.
At Mortgage Suite, we understand that the costs of mortgage refinancing can be confusing and overwhelming. That’s why we produce a spreadsheet of closing costs to make it more accurate and less confusing for our clients. This spreadsheet allows you to know if there is in fact there is any shortfall, or if you will be receiving money back.
