Am I getting taken advantage of refinance closing costs

[Joshua Taffe]

I have 400,000 in equity in a deal... I am trying to do a cash out refinance for 160,000 the mortgage bank I am working with is giving me the 160,000 but out of that I am walking out with 75k... 40k towards debt... And closing costs are 36k... My rate is going from 4.62% to 5.375%. This is the problem I'm having with deals the closing costs I feel are out of this world. Roughly 8% of my loan amount. I owe roughly 280,000 but my appraisal came back 650,000. Any advice with what I have going on here.