Advice sought on Cash-out refi
Hey all, I just started on the BP forums here and have already learned a wealth of info but as always, every situation is unique, therefore i'm reaching out for advice.
My situation is as follows:
1.Mortgaging my primary residence (SFH)
2. Own a 2-unit residential home free and clear (I was originally going to finance it but a nightmare appraiser came in $500 low and the broker ordered a 2nd appraisal for $500 more of my money before closing, delaying closing by 2 weeks and I had great tenants planning on coming cross-country to move in the following week so I ended up taking an undocumented personal loan from a family member for $59,000 @ 4% interest, in addition to $20,000 of my own money (purchase price $79,000).
So here I am with my investment property working out great for me with gross rents of $1395/mo (about 1.8%) but I need a cashout refinance to pay back my family member in full + interest as was the understanding. I have owned the property for over 6 months.
I was in contact with a broker today that said he could get me 80% LTV on a $100,000 mortg ($80,000, 30yr fixed, 4.99%, 2 points)
He broke down the fees as follows:
[b]
Mortg Broker's Fee (2%) = $1600
Underwriting Fee $295
Other charges:
Appraisal fee = $400
Credit report fee= $38.50
Closing/Escrow Fee = $150
document preparation fee = 55
notary fee= $15
lender's title insurance= $664.88
closing protection letter= $75
endorsements= $155
wire/disbursement fee = $25
courier fee = $46.50
mortgage recording charge = $187
hazard ins. reserves = 73.33 x 6 mons = 439.98
county tax reserves = $162.50 x 6 months = $975
daily interest charge = $10.937 x 5 days = $54.69
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Est. prepaid items/reserves = $1469.67
Est. closing costs = $3306.88
So from my $80,000 loan, I end up netting $75223.45 after fees. Does this look appropriate or am I getting nickle/dimed?