refinancing a house once we've bought it was no money down?

Question

how much money will it cost for us to refinance after we've bought a house with no money down? we want to put an offer and and are approved by our bank- we get married in 2 months in which case we'll want to refinance our mortgage with the bank as we will have a bit of money to put down.
how much will this process cost?

Answer 1

This might not be the way to go. Depending on the loan that you already have the costs incurred to refinance could eat into your nest egg. Talk to the loan officer at your bank and ask the hard questions. Every refinance has different costs appended and they can be high or low depending on the lender. So I can't give you a specific answer here. But.... this is easy to find out. Just ask. They have to give you an estimated cost sheet as part of the process any way. If your existing loan is good keep it. If you can save enough money by refinancing to cover the costs of the new loan and still save money you have a winner. good luck with this

Answer 2

I understand your desire to refinance your house if you are looking to lower your payments by making a down payment, but depending upon when you bought your house and the interest rate you were given you might want to rethink your plan. But to answer your question all you need to do is ask your bank for a good faith estimate which will show you the expenses of the loan. Be sure to shop your rate because often lenders try to entice borrowers by offering "low cost" or "no cost" refinancing when in actuality you are paying for everything but the expense is covered by a slightly higher interest rate. It is important to look at the big picture versus the immediate picture when considering a refi.