Closing costs on refinancing

4 Replies

@Russell Grevler

Could be high could be low, depends on lender...but to answer your question, no that is not abnormal. I've paid more than that for properties that were 1/2 the price.

Originally posted by @Russell Grevler :

In the process of refinancing. On a loan of $140k, is it typical to have closing costs of $5,5k?

 Depends on what those closing costs are. $3k of that might be to establish your new escrow account for taxes and insurance. A few weeks after closing the refi, you will get a check in the mail for the balance of your old escrow account, so it's a wash. Is that a "closing cost"? It depends on who you ask.

Depends. If you're doing a rate buydown + escrow, then it's not.

However, if you're paying $2k in UW and $3k in pts, then things can start to add up.