What stands out to you on this initial cost worksheet?

[Kevin Vasquez]

Background context:

I have a 805 credit score, low DTI and attempting to secure the lowest cash out refi to pay off a debt ($50k). My broker is saying the broker fee is a standard $3000 amount bc the amount requested is under 100k and advised the minimum I am able to to pull out is $75k. The property is paid off, fully remodeled and has a tenant in place whose rent exceeds the monthly loan amount. I am attempting to refi under a DSCR loan proposed interest is 8.375%. Estimated closing cost is $7776.80 on a $75k washout refi. Does any of this sound valid?

[Jay Hurst]

Quote from @Kevin Vasquez:

Quote from @Jay Hurst:

Quote from @Kevin Vasquez:

Background context:

I have a 805 credit score, low DTI and attempting to secure the lowest cash out refi to pay off a debt ($50k). My broker is saying the broker fee is a standard $3000 amount bc the amount requested is under 100k and advised the minimum I am able to to pull out is $75k. The property is paid off, fully remodeled and has a tenant in place whose rent exceeds the monthly loan amount. I am attempting to refi under a DSCR loan proposed interest is 8.375%. Estimated closing cost is $7776.80 on a $75k washout refi. Does any of this sound valid?

 @Kevin Vasquez You would also need to ask what the pre-payment penalty is on the loan. DSCR loans can have ridiculously long PPP. and why DSCR in the first place?

It’s a 3 year lock-in for ppp. What other option would be suggested rather than DSCR?

 A conventional loan proving you income along with the subject property income. You would get significantly better terms.