Investor · Colonial Heights, VA · Member since 2014 · 115 posts · 68 votes
I have a property I own free and clear and want to do a cash out refi for around 40k. Should appraise for around 60k I am past the 6 month seasoning period. I have found a local lender that can do it but the closing costs are way too high. If anyone can help me out on here I would appriciate it. 800+ fico.
Rental Property Investor · Lindon, UT · Member since 2015 · 862 posts · 438 votes
10y
Keep looking at the local small banks close to the property. Remember also that banks need to show you prepaid items with your closing costs, so you may ask them to break down what is a cost and what is prepaid taxes, insurance or other.
I can under stand all the legit costs. Just the origination fee of 905 and a commitment fee of 750 seems a bit over the top...oh and this was based on a 26k loan.