A refinance is not a cheaper purchase.
It is a different transaction, and most of the difference is things you don’t pay. Nothing changes hands, so there is no conveyance tax and no deed to record. What’s left is a shorter list than people expect.
What closing the refinance costs.
The new loan amount drives almost all of it.
What you’re borrowing, not what the house is worth. The lender’s policy is priced off this.
Only used to show the conveyance tax you’re not paying. Leave it blank and we’ll leave that line out.
Origination, underwriting, the appraisal. Add sections A–C from your Loan Estimate and we’ll fold them in.
What closing the refinance costs
Enter your new loan amount to see the costs
The lender’s policy, the recording fee, and the attorney fee, on real Connecticut figures.
Lender charges are not in this figure. They vary more by lender than by anything else in the deal, and your Loan Estimate has the real ones. Add them above and we’ll include them.
Refinancing a home you live in? Federal law gives you three business days after signing to cancel, and the loan does not fund until that window closes. Expect the money to move a few days after the table, not the same afternoon.
Email me this refinance estimateThis calculator needs JavaScript. The four costs below are the same ones it adds up.
These calculators produce estimates for general information, not legal advice. Every transaction is different. Reach out to talk through yours.
Estimates only, and Connecticut only. Title premiums measured against CATIC’s own premium calculator; recording fees per CGS §7-34a as amended by PA 25-168. The title rundown is billed separately at cost, and the discharge of your old mortgage may appear as its own recording line depending on how your payoff lender handles it. Lender charges are not included unless you enter them. Your settlement statement is the number that counts, and you will see it before you sign.
Three costs a refinance simply doesn’t have.
People budget for a refinance by remembering what they paid at purchase. That overshoots, because the three largest items on that settlement statement have nothing to refinance.
Connecticut taxes the transfer of ownership. A refinance changes who holds the mortgage, not who holds the property, so there is nothing to tax. On a $450,000 home this is roughly $4,500 that simply never appears, and it is the single biggest reason a refinance closing costs a fraction of the purchase.
The owner’s policy you bought at closing stays in force for as long as you hold an interest in the property. It does not expire with the mortgage and it does not need buying again. Your lender will require a new lender’s policy, because the old one insured a loan that is being paid off, but that one protects the lender.
No deed is drafted and none is recorded, because ownership is not moving. The only document going to the town clerk is the new mortgage. That is one recording fee instead of two, and the cheaper of the two at that.
Questions people ask before refinancing.
How much does it cost to refinance in Connecticut?
Far less than the purchase did. A refinance pays a new lender’s title policy priced off the new loan, the recording fee for the new mortgage, and the attorney fee, which is a flat $1,050 for most refinance closings. There is no conveyance tax and no deed to record. Lender charges sit on top and vary more by lender than by anything else, which is why the calculator leaves them to you.
Do you pay conveyance tax on a refinance?
No. The tax is triggered by a transfer of ownership, and a refinance transfers nothing. If you want to see what you are not paying, put your property value into the calculator and it will show you the figure.
Do I need a new owner’s title insurance policy?
No. Yours is still in force and stays that way for as long as you hold an interest in the property. Only the lender’s policy is reissued, and only because the loan it insured is being paid off.
How long until the money actually moves?
On a refinance of a home you live in, federal law gives you three business days after signing to cancel, and the loan cannot fund until that window closes. The signing is quick; the funding is a few days behind it. We confirm wire instructions with you directly before any funds move.
Refinancing and want the real number?
Send us the loan amount and we’ll put the closing costs next to what your lender is charging, so you can see whether the refinance actually pays for itself.
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