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Factors Influencing Refinancing Costs

When contemplating refinancing, it's crucial to understand the various costs involved. Typical expenses include application fees, appraisal fees, and closing costs, which can range from 2% to 5% of the loan amount¹. Additionally, some lenders may charge prepayment penalties if you pay off your existing mortgage early. By comparing these costs across different lenders, you can identify the most cost-effective refinancing option.