Is there a cost associated with refinancing to consolidate mortgages?

Yes, refinancing to consolidate mortgages typically involves some costs. These can include appraisal fees to determine the current value of your home, legal fees for handling the new mortgage paperwork, and possible penalties for breaking your existing mortgage. Additionally, there may be administrative fees associated with processing the new loan. However, it’s essential to consider that the long-term savings from lower interest rates and reduced monthly payments can significantly outweigh these initial costs. At Boychuk Mortgage Group, we will provide a clear breakdown of all potential costs upfront, so you can make an informed decision about whether refinancing is the right choice for you.