Cash out Refinance 5.1% interest $78,000 in equity.

[Brenden Sperl]

Hi, I recently got a quote for a cash out refi at a 5.1% rate which is better than my 6.625% that i currently have. After closing costs I’ll have $78,000 to re-invest. The downside is they want $30,000 in closing costs. Is this a good idea as it will lead into scaling my portfolio faster or is this too much to pay in closing costs?

[Chris Seveney]

Quote from @Brenden Sperl:

Hi, I recently got a quote for a cash out refi at a 5.1% rate which is better than my 6.625% that i currently have. After closing costs I’ll have $78,000 to re-invest. The downside is they want $30,000 in closing costs. Is this a good idea as it will lead into scaling my portfolio faster or is this too much to pay in closing costs?

 how are closing costs $30k? That is a ton of closing costs - I would not do this deal.