Feedback on Potential Cash Out Refi

[Patrick Harker]

Hello!

I am in process of looking into a cash out refi of my primary. I am sharing the closing cost estimates for feedback on this offering? Is $12k in total closing costs high? The basic breakdown I see is $5,084 in lender costs + $6,979 in other costs. Is the $6,979 in taxes + escrow high? Any feedback anyone has on this offering or things I should consider adjusting are greatly appreciated! Thank you!!

[Raymond J. Rodrigues]

@Patrick Harker, as @Timothy Hero mentioned above, with him being an actual lender and knowing what he's talking about, all of those cost are standard to getting a loan. You paid those same exact costs, if not more, when acquiring your property.

Section A is what the lender charges you, which is pretty standard across the nation. 

Section B is standard, those costs are associated with getting any loan and do not change much from lender to lender. 

Section C, you have full control of, which honestly, you're getting a good deal for whoever that attorney title company is. 

Section E is the cost that the State of Florida charges you, can't get away from that one. 

Section G is there for the sole fact that you have to setup a new escrow account. With that being said, you will receive a refund for the funds currently being in escrow with the lender that you're with now.

The only factor here that seems flexible that you may want to shop around for, is your interest rate that you're being quoted. I hope this helps. 

Feel free to reach out if you have any questions, I am one county away from you.