How much does it cost to refinance in closing costs?

Question

My mortgage currently has my name, my wife's name and my father-in-laws name on it. I would like to know how much should it cost to refinance in oder to get only my father-in-laws name on the mortgage and title. It is an FHA loan with about 6.3% and 167000 outstanding.

Answer 1

not too much as this is a streamline refi without an appraisal

I am a mortgage banker in TN & KY

Answer 2

Mortgage refinance of a property is quite hassle free and usually a good idea to save money.Borrowers who find it difficult to meet their repayment obligations due to financial constraints opt for refinancing their property. Refinance is also a preferable option for borrowers who want to lower down their interest rates even though they are able to make their payments comfortably. Mortgage refinancing involves replacing an existing mortgage with another one at a lower interest rate. Refinancing a property is a good option for homeowners who may have purchased property when interest rates were high.

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There are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers.Bi-weekly payments let borrowers pay off their mortgage refinance faster. Bi-weekly payments allow borrowers to pay their monthly installments in two parts to be paid twice a month. Instead of paying full amount once a month borrowers pay half of their scheduled monthly mortgage payment every two weeks. An advantage of this option is that borrowers repay an amount equal to thirteen monthly payments by the end of the year, instead of the usual twelve.

Answer 3

every state have different closing costs . Ask your loan officer about those. If you don't have FHA loan - it will be not possible to refinance with your father in law only on the mortgage, because FHA loan only allow primary residence.

Answer 4

Closing costs will vary depending on the location of the property.

Another factor is if any additional money will be put down towards the refinance or will any be taken out. The credit score of your father-in law will also be considered as well as the current value of the home?  When i purchased my home closing costs amounted to about $6500.00 on a 107,000 purchase. Hope that helps:)

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