refinance fee?

[Giulio Taranto]

Went to the bank yesterday and found out that if i wanted to fix my rates it would cost me $300. Now because i have never fixed my rates before i didnt relise there was a charge for doing so. Not sure if this was a refinance fee or a fixed rate fee, but there was a fee involved.

Is this the norm ?

I was offered 7.65

 

[sailor]

Hit GT...dunno what the norm is, but can you negotiate with the bank...no ask -- no get.

 

[Giulio Taranto]

will definatly ask dont you worry about that..

 

[sailor]

I was under the impression that when one first took out a loan, one could change from variable to fixed, or vice versa. The first change was free, and fees only come into the picture thereafter. I could be wrong ofcourse.

 

[Peter_Tersteeg]

It's called a 'switching fee'. Many loans (but not all) have them attached. The full fees and charges will have been described in your original loan contract, but you can sometimes negotiate around this with your lender.

 

[mike07]

refi

It's called a 'switching fee'. Many loans (but not all) have them attached. The full fees and charges will have been described in your original loan contract, but you can sometimes negotiate around this with your lender.

Thank you for the information. I was wondering the same thing as I am trying to refinance my home before rates go any higher. I will try to negotiate with my lender since I am supposed to meet with him next week. I hope I can lower the costs and save some money for once.