So, you have decided to do a mortgage refi in Orange County, CA? Or at least it has crossed your mind? You might want to consider this: doing it is a balancing act. In other words, you have to be careful with your decision to ensure that you get a favorable outcome.

A mortgage refi in Orange County, CA, provides an opportunity to save a good amount of money. That is, of course, true if you can find the best deal. And the good news is, with the help of a reputable mortgage company or broker, you can realize that goal.

So, why is a mortgage refinance considered a balancing act? Because you need to factor the cost to the smallest detail in your decision. You want to make sure that the potential amount to save minus the costs associated with refinancing is positive. With that said, it makes sense that you figure out the number and decide based upon what the number is telling you.

So, here are the six costs associated with mortgage refinancing in Orange County that you should know about:

Cost #1: Application and underwriter fees

Just like in any application process, to refinance a mortgage requires fees. Lenders require you to pay an application fee to cover the associated costs at the commencement of the loan process. Along with it, you may also pay for a loan underwriter who would help assess your financial capacity to pay back this new loan.

Cost #2: Title insurance

You are required to pay for title insurance as obligated by lenders (ask your broker about it). The purpose of this insurance is to dissipate any ownership disputes on the property during the loan term. Note that, although you may have bought a policy when obtaining your original mortgage, they require a new policy when refinancing your mortgage.

Cost #3: Appraisal fees

Although not at all times, lenders will require a new appraisal of your home to ensure that it justifies the amount of the new mortgage. That is because the value of your home has likely changed since the last time of the appraisal. Thus, a new one may be necessary. Of course, this process has fees.

Cost #4: Credit score assessment fees

Of course, Federal law guarantees you a free copy of your credit report every 12 months. However, you still need to undergo a set of different qualifications or criteria for them to grant your request. In all likelihood, you will end up checking credit reports from other sources, which involves paying fees. Such fees will vary based on where the lender gets the credit check.

Cost #5: Taxes

Associated taxes also vary depending on where you live. So, it is a must that you discuss the local tax laws with your broker to ensure that you still get your end goal for refinancing your mortgage – despite the tax requirements. Discuss the following: mortgage tax, realty transfer tax, mortgage recording fees, and probably more.

Cost #6: Closing costs

The costs associated with the closing also vary significantly depending on your unique circumstances. However, a highly qualified broker should be able to find ways to do it in your favor with your application on mortgage refi in Orange County, CA.

Online looking for a reputable mortgage company for mortgage refinancing applications? Contact Homeplus Mortgage today at 800-810-PLUS(7587).