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Updated over 4 years ago on . Most recent reply

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Zachary Schimenz
63
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45
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Is this loan a good deal or way too high?

Zachary Schimenz
Posted

I'm currently refinancing an investment property that I originally bought cash to obtain a $70,000 30 year loan, and the closing costs come out to $5,054.

This seems a bit high as I've heard closing costs are typically 3% to 5%. Any thoughts??

I have a good credit score and the interest rate is 4.75%. Here are the main costs - can you let me know if anything looks way too high:

Loan Orignation fee: $1,400
Processing Fee: $395
Underwriting Fee: $895
Appraisal Fee: $450
Title Fees (a bunch of small ones that add up to): $1,685

Thanks - I appreciate the insight,

-Zach

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