1st, and only lien refi- closing costs etc. (loan officer, interest rate, rate)

[slmcand]

I own a home valued @ 220,000, balance on 1st lein $120,000..

I wanted to refinance for home repairs & to lower my monthly payment with the hopes of selling @ home's value..

I'm only looking to cash out $40,000

... I don't know a lot about cash out refi, but i'm curious about closing costs and if those have to be satisfied up front or are they built into the new loan some how?

any suggestions/information would be helpful.

Thank you.

[VictorBurek]

You can roll closing costs into the new mortgage. You will be required to pay for an appraisal out of your pocket.

If you plan to fix the home up and sell soon, make sure you ask your loan officer about a no cost loan. The rate will be higher but if you are not keeping this home for more than 3 years, it will make more sense for you to take a higher interest rate with no costs. Closing costs vary by state, in Texas, your total costs to get a rate of 4.75% would be around $4500. At 5.375%, you would have to pay no costs other than the appraisal.