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Mortgage Refinance | Closing Cost

Anthony Garcia
UpdatedMay 24, 2024
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    3 min read

Ethan Ewing, President of, gives you free information on mortgage closing cost.

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In this "Dollars & Sense" video, Ethan Ewing, President of gives a brief overview on mortgage closing costs. There are some fees associated with closing costs and these include; Prepaid interest fees, 3rd party fees, and origination fees. For more information on mortgage closing costs, mortgage quotes, and a free mortgage quote fill out the short form on the right.

Video Transcription;

Hi, I am Ethan Ewing and welcome back to another episode of “Dollars and Sense. ” Today I want to talk to you briefly about mortgage closing costs. A Lot of people are going through refinancing right now, purchasing a home, the market is really right for doing that, but a couple of things to keep in mind when you start to get down to closing and you start to look at your closing cost, there are three types of closing costs that you will see on your mortgage.

One is what’s called pre-paid and those are going to be items like prepaid interest, things that you can’t avoid, they are non-negotiable across all mortgages they are going to be the same, so for the sake of this let’s just throw them out, okay.

The second is going to be 3rd party fees – third party fees are going to be things like title fee, escrow fees, appraisals, document prep, title fees, title exams rather, title insurance, anything that third parties do, not your bank or your lenders or your brokers, but third parties do to make sure that your mortgage is compliant and that you get it closed on time, roll those out too because those are going to be consistent across the board with all mortgages.

The last one is the one you want to focus on and these are generally referred to as origination fees or origination charges, these are going to come in the form of discount points, loan origination points, underwriting fees, processing fees, you will see them on today’s closing statements they are really called out separately, you will be able to see what these are. They used to be called junk fees, but there is a reason for these fees, banks have to make money, they have got to pay their people as well and of course they got to make a profit when they originate loans, so those are the fees you really want to focus on.

You look at your interest rate then you look at your origination fees, you may have origination fees in total of $3,500 dollars, ask your broker, ask your lender about those fees, that’s where you want to negotiate little back and forth, compare apples to apples, between loans you want to look at your origination fee. Hopefully that helps you make a better refinancing or mortgage decision and I will see you next time, thanks a lot.

The mortgage market: what's new?

No surprise that mortgage rates fluctuate. If you are thinking about purchasing a home or maybe considering refinancing your current mortgage, then you want to be up to date on mortgage rates.

Mortgage rates April 10, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of April 10, 2024 stands at 6.88%. This 6 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 10, 2024 is 6.16%, indicating a 10 basis points increase from previous week’s rates.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.

What does the mortgage rate mean for you?
Mortgage rates play a vital role in determining your monthly payment. Let's take a look at the avergage interest rates (APR) for April 14, 2024 based on Zillow data for borrowers with a high credit score (680-740) in the United States:

  • For a 30-year conventional loan, the interest rate is 7.09%.
  • If you opt for a 15-year conventional loan, the interest rate stands at 6.29%.
    Using the rates mentioned above, a $279,082 30-year-year mortgage would result in a monthly payment of $1,874. On the other hand, a 15-year mortgage would require a monthly payment of approximately $2,399.

Explore your options and secure pre-approval today!
To make your life easier, we highly recommend shopping around for mortgages and getting pre-approved. This will streamline the home-buying or refinancing process and make it a breeze. Ready to get started? Check Out mortgage rates now for the best options available.