Cost to Refinance Hard Money Loan

[Nicholas A.]

Hello!

First time investment home builder here. My partner and I have used a local hard money lender to purchase the land and build the home. 

We are considering holding the home for rental rather than selling once completed. It’s located in Horseshoe Bay West.

I have never refinanced my personal residence, let alone an investment property before.

What does this process look like, and what can we expect to pay in order to refinance out of the hard money into long-term debt?

Thanks,

Nick

[David M.]

@Nicholas A.

You mentioned your primary residence...  I assume you financed that purchase.  A refinance it pretty the same thing, but just without a purchase.  Pull out your old closing statement.  The closing costs should looking something like that.  Just realize that the prepaid/escrows shouldn't be there twice (unless you escrow isn't rolled over).  You'll still have appraisal, recording fees, any attorney fees, title search and title insurance fees, and the Closing Agent.  Some might be "waived" depending on the lender.

You are just getting another loan...