Rental refi, but mortgage co. to charge 18% in fees on 100k?

[Chris Iley]

So i own a rental, in the mid-west, for about a year now and trying to do a cash out refi using only the income from the property, $2000 per month, and not any personal income. Home was purchased for cash in an LLC. my credit score was 710

So the home appraised at 125k and they want to loan 75% @ 6.8%

Origination charges- $9000

1.6% loan points $1500, lender fee 1300, origination fee 3500, ordination compensation fee 2500

Services- $6300

appraisal 1500, credit report 150, 1004d inspection 250 ,3rd party processing fee $900

closing fee 350, document prep 2200, lender title ins 900 

Other - $1600

there is also some recording fees 425, pre paid interest on mortgage ins or property taxes 500, and holding some $ for property taxes and insurance in escrow about another 600

so thats nearly 17000$ in closing costs on a refinance for $100,000

Just feels like way to many fees associated with this, but i don't have much refinance experience either The monthly payment is $600, so Its possible for me to make this work and just move on with my life.  But i hate the feeling that I'm over paying or maybe i just had different expectations that weren't met.

Are people really paying this much? or is it just me and this lender?  

[Shane Ward]

Quote from @Chris Iley:

So i own a rental, in the mid-west, for about a year now and trying to do a cash out refi using only the income from the property, $2000 per month, and not any personal income. Home was purchased for cash in an LLC. my credit score was 710

So the home appraised at 125k and they want to loan 75% @ 6.8%

Origination charges- $9000

1.6% loan points $1500, lender fee 1300, origination fee 3500, ordination compensation fee 2500

Services- $6300

appraisal 1500, credit report 150, 1004d inspection 250 ,3rd party processing fee $900

closing fee 350, document prep 2200, lender title ins 900 

Other - $1600

there is also some recording fees 425, pre paid interest on mortgage ins or property taxes 500, and holding some $ for property taxes and insurance in escrow about another 600

so thats nearly 17000$ in closing costs on a refinance for $100,000

Just feels like way to many fees associated with this, but i don't have much refinance experience either The monthly payment is $600, so Its possible for me to make this work and just move on with my life.  But i hate the feeling that I'm over paying or maybe i just had different expectations that weren't met.

Are people really paying this much? or is it just me and this lender?  

Shop around. I’ve done a few No Doc loans and they suck. I’m calling Dominion Capital today to see what they can do. They sent me a flyer that looks pretty good. It sounds like at least you’re getting the numbers up front. With me they brokered my loan three times and charged me for it at just over 2k each time plus all the bs fees like you listed. I’m looking at doing the same thing you are so I’ll see what I can find.