This fee covers remaining costs associated with processing your mortgage application and completing your loan. Discount points are essentially prepaid finance charges, paid when you close on your mortgage loan, usually to obtain a mortgage with a lower stated interest rate. Closing agent and review fees. Usually the lender will charge you fees for the services of the closing agent, who actually conducts the closing. You may also be charged for other legal services involved in completing your loan.
Some mortgages carry a penalty for paying off the loan before the stated term is up.
The mortgage documents for your existing loan will tell you if you face a prepayment penalty, and, if so, how large it is. Other costs . Depending on your mortgage, you could face fees for a VA loan guarantee, FHA or private mortgage insurance, and a variety of other possible closing costs. If you're seriously interested in considering refinancing further, your first call should be to the lender who holds your current mortgage. He or she may be willing to waive some of the fees for such items as the title search, surveys, inspections and other certifications, especially if the information is still current.