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In reference to my previous thread, //www.city-data.com/forum/mortg...brainer-3.html, I received the following estimate today for a refi from my current 30 loan to a 15 year fixed. I am in year 8 of my 30 year loan currently.
Interest Rate: 4.5%
Amount to Refi: 167K
Origination Fee: 1700
Bunch of Other Fees: 1180
Title Charges: 1842
Various other charges...
The total estimated closing costs for refinancing 167K is 5067 which seems quite high. Am I off here? What should I expect?
In reference to my previous thread, //www.city-data.com/forum/mortg...brainer-3.html, I received the following estimate today for a refi from my current 30 loan to a 15 year fixed. I am in year 8 of my 30 year loan currently.
Interest Rate: 4.5%
Amount to Refi: 167K
Origination Fee: 1700
Bunch of Other Fees: 1180
Title Charges: 1842
Various other charges...
The total estimated closing costs for refinancing 167K is 5067 which seems quite high. Am I off here? What should I expect?
Get more quotes from more banks. Get it all in writing. Then start talking turkey to individual lenders.
Closing costs vary greatly, and a lot of lenders are MORE than happy to take advantage of somebody who will let it happen.
In reference to my previous thread, //www.city-data.com/forum/mortg...brainer-3.html, I received the following estimate today for a refi from my current 30 loan to a 15 year fixed. I am in year 8 of my 30 year loan currently.
Interest Rate: 4.5%
Amount to Refi: 167K
Origination Fee: 1700
Bunch of Other Fees: 1180
Title Charges: 1842
Various other charges...
The total estimated closing costs for refinancing 167K is 5067 which seems quite high. Am I off here? What should I expect?
I did not have the origination fee, BOA paid for my points. Title was about 1000. Bunch of other fees was more or less the same. Some charges are state specific and there is not much you can do about it.Best thing now is to continue shopping.
When I gave my information to lending tree, I was contacted by a lot of lenders and the variance was almost negligible. Almost all of them were getting information from the same source. The only promise was better service.
Too high!
Also, make sure you don't buy any more title insurance for YOURSELF.....you probably already did when you were buying the house. the thing transfers.
your title charges are a bit high.......
rate is great.
origination fee? WTF? they're charging you a point? demand a better deal or threaten to walk!
i refinanced a 340k mort. and paid close to 5k. (3 of which were pre-paids)....so the loan really cost me 2k out of pocket.
The rate seems a bit high, I know there are offers out there. I would probably shop around. As far as the title fees, try calling the previous title company who closed your loan last, they might be able to give you a discount.
Last edited by Josh Harmatz; 10-27-2009 at 04:17 PM..
While I really appreciate all the feedback, I am getting conflicting signals here. From "that's a fair deal" to "way too high". I am also confused about someone saying that they are charging me points. I don't want to pay points. Is that the origination fee?
Now I know I need to shop around but here's a little more information from the most recent estimate (I am in TX BTW).
Appraisal fee, flood certificate, and title insurance are all external costs you'd have to pay with most mortgages. (though going rate for title insurance in my area is about half what you're being quoted and appraisal fee may or may not reflect current market rate for the service) Do not know Texas tax law, so one or two of 'tax related service fee' and 'recording fees' may be something you'd have to pay wherever you go. Origination is usually just a way of buying down the interest rate.
Processing fee, underwriting fee, closing/escrow fee, and document prep are ways the lender nickels and dimes a borrower. If you are otherwise getting a screaming good deal, they're tolerable, but if you're only getting an average interest rate, then you can probably find a lneder that doesn't charge so much for mediocre.
If you had to already buy title insurance when you bought the house, I would ask if they'll let you use the old policy for the new loan, or at least for owner's segment of the title insurance. (our no-bull no nickel and dime fee credit union let us do that when we refi'ed a couple years back)
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Depends ...
Now I'm Confused
