Cash-Out Refinance Advice / Review
Hi, I have a cash-out refinance on my 4-family investment property, approved and ready to go with my current 1st Mortgage lender. Carrington Mortage. Total loan costs are $6,302. I would like to know if these are unreasonable, and I'm scared they could change, and don't want to get screwed by things changing.
This is the deal on the table:
______
Current loan balance: $120k
Current loan rate: 6%
Current loan amortization: 15 years left
Refinanced balance: $170k
Cash Out: $40,772 up to $50k depending on appraisal
Rate 4.75%
Term: 30 years
Monthly payment savings: $150
1) Loan points: $3,179
2) Underwriting fees: $1,395
3) Title - Closing Protection Letter Lender $25
4) Title - Lender's Title Insurance $86
5) Title - Notary Fees $150
6) Title - Settlement Fee $400
7) Title - Title Examination $200
8) Appraisal Fee $680
9) Credit Report $93
10) Flood Certification $10
11) Tax Service $84
Let me know if this loan seems worth the effort. I would like to invest the $40k into a new property, and I'm assuming inflation will likely be in my favor long term.
Most Popular Reply
Line 4 $86 for a $170k Mortgagee Policy seems low. I believe in Florida the policy would cost something like $925.