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Interest - When you close the transaction on your refinance,
there will most likely be some outstanding interest due on
the old loan. For example, if you close on August twentieth
(and you made your last payment), you will have twenty days
interest due on the old loan and ten days prepaid interest
on the new loan. Your first payment on the new loan
would not be until October 1st since you have already paid
all of August's interest when you closed the refinance transaction
(since interest is paid in arrears, a September payment would
have paid August's interest, which has already been paid
in closing).
Reconveyance Fee – this fee is charged by your existing
lender when they "reconvey" their collateral interest
in your property back to you through recording of a Reconveyance.
This fee can vary from $75 to $125.
Demand Fee – your existing lender may charge a fee
for calculating payoff figures. If they do, this fee may
run in the neighborhood of $60.
 Asking
the Seller to Pay Closing Costs
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copyright 2000 by Terry Light and
RealEstate ABC
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