Closing costs on second mortgages vary as to whether the loan is open-end or closed-end, what the loan-to-value is, and what the loan product is, among other things. They normally run between $165 to $600. If you qualify and the new loan amount remains within the loan-to-value limits for the product, these costs can be deducted from the loan proceeds instead of coming out of the borrower’s pocket.
Are there closing costs associated with a second mortgage loan? Print
Modified on: Thu, 23 Feb, 2023 at 10:40 AM
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