Lowest Closing Costs On A Cash Out Rental Property Refinance?
Hello,
I'm curious what closing costs and fees were tied into all of your recent cash out rental property refinances....and with what bank/lender you refinanced with?
I am planning a cash-out refinance on my rental property to fund the down payment of an FHA loan for a multi-family home that I plan to reside in for a year while renovating. Considering my current APR is a ridiculous 8.125% this refi will be very beneficial!!!
Anyway, I spoke with a loan officer today and this was the estimated break down...
100,000 Home Estimate
80,000 Maximum Loan (80% LTV on rentals)
68,000 Current Mortgage Balance
3,500 Closing Costs
8,500 Remaining for my Cash Out.
I was hoping to be able to walk away from my refi with 10k in my pocket, but unless I can find a bank or lender with lower closing costs, I don't see that happening.
Please list your bank or lender, and the total in closing costs that were applied to the refinance.
Many thanks!!