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You'll have to calculate it for yourself to determine what your overall savings would be. One thing you should remember is that you do have to pay home mortgage refinancing costs which are very similar to the settlement costs that you paid when you first applied, was approved and carried out a new mortgage on your own.
Home mortgage refinancing costs can add up, but home mortgage refinancing still might save you more money anyhow. Let's talk about some of the home mortgage refinancing costs.
For instance, in a home mortgage refinancing scenario, there are points that are added as part of the costs. The points can range from 1% to about 5% of the mortgage loan value. In addition to these costs, there are home mortgage refinancing processing fees, fees for getting the appraisal done and obtaining a credit report, fees for getting the title on your home updated, and more. There are also several home mortgage refinancing taxes that you will have to pay, such as recording taxes, lawyer taxes and certain types of real estate taxes.
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