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The lender pays costs! There are loan programs where the lender will pay the costs on a purchase. Prepayment penalties in your existing loan. If you are holding off on a refinance because of a prepayment penalty in your loan, you may not need to. Many times we are able to refinance people at a lower interest rate while we pay the prepayment penalty for them. The best day to close a loan. The best day to close a conventional refinance loan is Monday, Tuesday, or Wednesday. You are responsible for interest on the old loan until the payoff is received by the old lender and interest on the new loan on the day it funds. If you close on Thursday or Friday, the payoff on the old loan may not be received until Monday resulting in interest on the old loan and the new loan being paid over the weekend. Each situation is different, but it's worth asking a couple of questions to save a few hundred dollars. Private Mortgage Insurance (PMI). Depending on the loan, it is not uncommon at all for PMI to step down as your loan to value (LTV) increases. If your property is worth $200,000 and you owe $190,000, your LTV is 90%, a common rate for PMI is .52% or about $78 per month. When the loan to value goes below 85%, it is not uncommon to see the rate drop to .32% or about $48 per month. It might be worth having an appraisal done to get the lower PMI rate. At least ask your lender to ensure you are being charged the right amount. Oh by the way, don't rule out a refinance on your loan and splitting it into a first and a second to eliminate PMI. Appraisals. Depending on the situation, you may not need a full appraisal (i.e. #4 on PMI). The lender may not require a full appraisal. If they only require a review by a licensed appraiser, the cost of the appraisal could be cut by 50% of more. Credit reports. If you are paying costs, ask how much the charge is for the credit report. Then shop it over the internet and see if the lender will take that one. Ensure the one you get includes risk ratings by Experian, TransUnion, and Equifax. It pays to ask a few questions and save a ton of bucks. The Internet. Shopping over the internet is easy, efficient, and cost effective. However, in shopping loans over the internet from the consumer point of view, we have always been able to beat the rest. We can and will compete with anyone! 
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