Five Tips for Keeping Closing Costs Down

Thinking of refinancing? Refinancing may make sense, given today's historically low rates. But refinancing costs money (normally around 2% to 3% of the total loan amount), including fees for an appraisal, loan origination, title insurance and much more. Closing costs can reduce the benefits of refinancing, so it's important to keep them as low as possible.

Here are five tips that can help you do just that.

1. Compare offers: By law, lenders must provide you with a good-faith estimate of their closing costs. Compare estimates from three or more lenders and use that information to negotiate a lower fee. To help narrow the field, compare the interest rate offered on a loan to its annual percentage rate (APR). ...