Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago,

User Stats

40
Posts
17
Votes
Mark Kudlach jr.
  • Bozrah, CT
17
Votes |
40
Posts

Refinanced was closing costs too high?

Mark Kudlach jr.
  • Bozrah, CT
Posted
Hey BP, Just refinanced my home. Bought for 252k in 2010. Haven't really paid extra payments other than a few payments towards principal.Have the original loan down to about 220k. Appraisal came back at 295k.Original loan was for 30 yrs at 4.27% . Refinanced for 15yrs recently at 2.75% figured this was a smart move. Wanted to pull equity out to start my first deal. Thinking the LTV of 80% in this equity would be around 60k. Bank explains 80% of 295k is 236k which leaves me with a whopping 16k left over instead of the 60k I was hoping for. Again I'm a newbie so be patient.My question is for the closing costs. Does roughly 9k sound right? I'm learning the game very quickly and it's not going exactly how I figured in my calculations. Any feedback would be appreciated. Thanks, Mark Kudlach jr.

Loading replies...