Double closing costs when buying with cash & refinancing later

[Harman N.]

Hi all,

When you buy a property with cash, and refinance it down the line, is there any way to save on the double closing costs: first having to pay closing costs on the initial purchase transaction, and then again during the financing? 

I assume it's probably not avoidable, but figured it wouldn't hurt to ask. Maybe there's a clever way by using the same title company and executing both transactions within some set amount of time. 

- Harman

[Anthony Angotti]

Originally posted by @Harman N.:

Hi all,

When you buy a property with cash, and refinance it down the line, is there any way to save on the double closing costs: first having to pay closing costs on the initial purchase transaction, and then again during the financing? 

I assume it's probably not avoidable, but figured it wouldn't hurt to ask. Maybe there's a clever way by using the same title company and executing both transactions within some set amount of time. 

- Harman

 If you are keeping it in the same name/owner you shouldn't have to pay transfer tax twice at least. You may be able to save some closing costs if you use the same title company/lender, but that will differ between companies. Ask before you use the first one.