Posted by dowcett on January 01, 2001 at 16:18:14:
im not shure but some of those closing costs are escrows and you get some of that money back for your old mortgage company check it out
Refinancing: Closing Costs? - Posted by Greg in Dallas
Posted by Greg in Dallas on December 25, 2000 at 22:25:32:
Gang,
I’m getting ready to refi some properties. I need to know what the industry is charging for closing costs? (3% of loan, 5% of loan, etc?) I’ve been shown some numbers on a good faith estimate and it looks like to do a refi for a property that appraises for $60K they’re gonna stick me for $4K in closing costs. Since I owe $35K on the property and may only be able to pull out 70-80% of the appraised value that leaves me at a cash-out of anywhere from $42K-$48K. Then after paying off the old loan of $35k I’m left with $7-$13k less closing costs of $4k. Is this appropriate, or should I shop around.
Your help is greatly appreciated!!
Thanks!!
Greg in Dallas