Cash out Refinance Massachusetts

[Matthew Leal]

Wondering if these cash out refinance terms on a primary residence are good or if I should keep shopping around. Here are the round numbers. Any input is very much appreciated! 

Remaining on current mortgage - 172k

Current rate - 4.25%

ARV of property - 310k

New rate 2.99% on a 27 year loan.

12k in closing costs, which seems very high to me

Cash out 47k, keeping 25% equity in the home 

Raises mortgage payment by $137

[Eric Johnson]

12k in closing costs for what though? You need to look at the breakdown because tax and insurance escrows are a part of that, as well as discount points. 

Don't overpay for a good interest rate. Also, why a 27 year loan? If it's conventional you should have no problem getting a 30 fixed deal around 3% or lower with costs definitely under 12k.