Is this real ... Refinance for $1,999.

There was just an article about this in the WSJ or NYT, can't remember which. Bottom line, they build it into the rate, so you're paying for it some way or another.

I recently (year ago) refinanced a much larger mortgage with closing costs of $3000. Rate was pretty amazing too. Absurd for a refi to cost any more. Could be less. My dad's was just $2000 for a somewhat smaller loan. These were for 30 year fixed.

Its real. Last month I refinance 625K 30 years with w.fargo at 3.875. out pf pocket including legal, appraisal and everything else, total 4K

did principal go up? back end fees can be tucked in there

No principal increase for me. This was mortgage broker. I didn't lift a finger and recouped costs in 12 months. Am now saving over $500 every month! I just showed up, paid $3000, signed a bunch of papers, and it was done.

We have refinanced our co-op loan 2x. The 1st time, it cost was $1500 (6 mos after closing to go from 6-3/8% to 5-1/8%) and the second time (5 yrs later to go to 4%), it was $3000.

Back when I lived in Chicago, I had a mortgage broker who would do zero-fee refi's with no principal increase. As noted upthread, they make up the difference on the spread -- I would typically pay about 25-50 bps above market.

Good move if you expect to no longer be paying the mortgage after a few years (because of moving, aggressive principal repayment or otherwise), bad move if you'll be making payments for the next 30 years.

Cool, thanks. Can you recommend whom you used?

I will get in touch with Valley Bank, probably can't do much better than $2K, although their rates seem a bit higher, But my mortgage is relatively small, so won't make a significant difference.

Currently at 5.6% 5 Year ARM that is coming to an end later this year.

the fine print says you are going to pay for the assignment fees from your old bank and any mortgage recording taxes.

Kyle - Touching on what Jbutton mentioned,did you have to pay any CEMA fees (assignment) Did you pay any origination points at all? realtime, that's a pretty sweet deal, can you recommend the WF agent you worked with, if local ?

When you finance a co-op that has a 100K loan or an 800K loan - the closing costs are relativley the same. Co-ops are not "real property" and therefore not subject to many fees that incurs when financing "real property" . The only differences would be "points" with regard to the rate, or the fee that is charged by an individual co-op building. If a lending institution is advertising less closing costs, it is because they are incorporating theses costs into the rate. Paying every month over the life of the loan to save 1,000 may not be the best way to go.
Refinancing a co-op (without the help of a rebate paid by the rate) is about 2500 - 3000