Updated over 9 years ago on . Most recent reply
Refinance/cash out on adult community rental
Just closed on a cash out last Friday 4/29/16
Looking to get advices from seasoned creative financing people if I got good deal in term of rate and closing costs. Here are the #'s. Thank you.
Purchased rental 18 months ago for $130k including closing cost and cosmetic rehab.
It was appraised for $160k and $120 was loan amount. My final check amount was $115,343.63.
My interest is 4%.
My monthly p&i is $573. I get $1300 per month rent. After I refinaced, this unit still cash flow about $ 327.00 per month.
I paid $425 for appraisal.
Mortgage company charged $2400 for broker fee, $725 for lock in rate, $82.03 for credit report, $10.00 for flood cert, $70.00 for tax service and lender refunded $781.20 credit.
So total charge is $2930.83
Title company cost $1487.00 which include all recording fees not including prepaid expenses like real estate taxes or utilities.
Very interested to know what bp community have to say. I think I got great rate, feels broker fee is very high. Looking forward to all your replies. Thank you.