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Updated 7 months ago, 05/09/2024

User Stats

25
Posts
1
Votes
Kevin Vasquez
  • Rental Property Investor
  • miami, FLORIDA (FL)
1
Votes |
25
Posts

What stands out to you on this initial cost worksheet?

Kevin Vasquez
  • Rental Property Investor
  • miami, FLORIDA (FL)
Posted

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?

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