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Rainier Guiang
  • Real Estate Investor
  • Tustin, CA
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Cash out Refi - are these numbers acceptable?

Rainier Guiang
  • Real Estate Investor
  • Tustin, CA
Posted May 30 2014, 20:10

Hi, I am applying for a cash out refi so I can take some equity out of a rental property I own outright in Florida.

Are these numbers a good deal?

Property: Condo - owned outright - current value $300k

Loan amount: $240k - 30 year fixed

Interest rate: 4.375%

P&I payment of $1198/month

Origination charges:

fees: $4250

underwriting: $1120

Lender credit to borrower $-5100.00

appraisal $435

credit report $12

closing/escrow fee $500

document fees: $100

notary fee: $150

Lenders title insurance: $450

recording charge: $120

Daily interest charges (24.8333 x15 days = $387.50)`

est closing costs: $2037.00

Is this a decent rate and charges?

Thanks!

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