Cash Out Refi on Primary - What I'm Being Charged

8 Replies

Hello all!  I am pulling cash out of my primary to fund a couple of buy and holds.  

Those of you in the know, if you wouldn't mind taking a look at these numbers?  I feel the total cost to make this happen is high, let me know what you think.

200k Appraisal 

109k Owed

80%/160k new loan amount

Total cost is around $7,300.  I was expecting total costs around $4,000...?

Thanks for taking the time!

Origination - $3670.  However, he made it sound like there was a title fee of sorts in that number.

Appraisal, credit & flood cert - $637

Title services and lender's title insurance - $2683

Gov't recording - $150

Daily intgerest charge - $256 total for 13 days

the origination fee seems high to me, I am currently refinancing my rental and it has an origination fee of 1190.  This is from Wells Fargo at 4.75% on a 30 year for around 150k total loan amount.

Michael, I've been trying to tag [email protected], but it's not working for me.

Items covered in origination;

1%, $1,600 origination fee

$890 processing fee

$595 underwriting

$395 document prep

$175 warehouse funding, not for sure what that is

$15 registration fee

@Michael Barbari

Finally, it worked.  See the breakdown of what was included in the origination fees.

Thanks!

@Jimmy Watson

Why are they charging you a point? Are you buying the rate down?

$595 underwriting

$395 document prep

$175 warehouse funding

I would have these removed. Have you shopped other mortgage brokers or banks?

@Michael Barbari

Yes, I just got off the phone with Wells.  I currently have my loan through them and they are saying about $2,500.  Big difference!

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