A refinance is not a do over, it’s more of a start over. You will satisfy the original loan and begin a new one, whether you go with the same lender or not. Your new loan will have closing costs, which will depend on your lender and the type of loan, but broadly speaking, you can expect to incur the following closing costs:
- Loan origination fee
- Appraisal fee, if required
- Lender’s title insurance policy
- Mortgage Recording fees
Closing costs typically range from 2–5% of the borrowed amount.