Reduce Your Refinancing Costs: Get to Know Those Fees --SPONSORSHIP

Everyone pays fees when they refinance a loan, but did you know that those fees are negotiable? When you're refinancing, pay close attention to the bottom line. Fees can add $3,000 to $6,000 to the costs of refinancing, which means it could take longer for you to get full advantage of the lower interest on your mortgage.

The key is to get to know the fees and their normal ranges. Sometimes if you're refinancing with your own lender, he can lower those fees or waive them completely. Other times you may be able to negotiate a lower rate if you use the same vendor.

For example, title search and title insurance fees, which can range from $450 to $1,500, may be negotiated into a lower range if you can work with the same title insurance company. The title insurance company may be willing to update your current policy for a much lower fee.

Title insurance covers any loses related to a discrepancy in the property ownership. Since your property hasn't changed hands, a title search needed to update the insurance should not take as much time as the original title search, so sometimes you can get the fees reduced.