Home Buying in Boston>Question Details

Trulia Boston, Home Buyer in Boston, MA

Are closing costs different when refinancing compared to buying?

Asked by Trulia Boston, Boston, MA Mon May 6, 2013

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Yes, the costs are lower when refinancing. Depending on when you purchased, you will most likely receive lender's title insurance with a lower reissued rate. If you purchased owner's title insurance that policy is transferable. The recording fees will also be less. If you own a sinlge family home you will not need a plot plan when refinancing.
You should also ask about no closing cost options when refinancing.
0 votes Thank Flag Link Mon May 6, 2013
Yes they are very different and tend to be a bit lower when you refinance.

Best Of Luck.
0 votes Thank Flag Link Tue May 7, 2013
Yes. There is a reissue rate on lenders title insurance which is less than when purchasing . If the same attorney closes the costs are typically less and the receding fees are less
0 votes Thank Flag Link Mon May 6, 2013
Yes, there are a few small non-financing related closing costs incurred during purchases that don't come up with refinancing.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Mon May 6, 2013
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