Buying points for 8% cash out refi?

[Emira K.]

I am trying to get $45k equity loan. The comp I am working said its called “cash out refinance” and it will not affect your current mortgage. They are offering 8 % rate fixed 30 year

Loan and I have to buy points with a total of $2700 closing costs. Does this sound right? Why do I have to pay for points for a 8% rate? When I look online the rates are between 6-7%.

[Elias Halvorson]

You need to give more info for people to offer decent advice. Why do a Cashout refi for such a small amount? Maybe a personal loan from some lender like SoFi would be better ?