Looking for Refi with low Closing Costs

[Linda Mandet]

We are looking to Refi an investment property but have been quoted $4500 to $6300 for closing costs. Goal for Refi is getting rid of Mortgage Insurance currently have 4.87 int. rate was hoping to find around $2500 for Closing Costs. Any suggestions? Thx

[Daniel Chang]

Linda, I don't think anyone can truly quote you a low closing cost.  Closing costs isn't set like a fee.  It depends on several factors, including when in the month you close, how many points you choose to take, etc.  For instance, closing at the beginning of the month will lead to a larger "days interest" on your new loan and hence a larger closing cost.  

The only thing I ask for when I finance or refinance are the fees.  Closing cost items such as a escrow fees, title fees, lender fees, appraisal are better able to be predicted and that is what you can compare from one lender to the next.