Closing costs on refinancing

[Russell Grevler]

In the process of refinancing. On a loan of $140k, is it typical to have closing costs of $5,5k?

[Chris Mason]

Originally posted by @Russell Grevler:

In the process of refinancing. On a loan of $140k, is it typical to have closing costs of $5,5k?

 Depends on what those closing costs are. $3k of that might be to establish your new escrow account for taxes and insurance. A few weeks after closing the refi, you will get a check in the mail for the balance of your old escrow account, so it's a wash. Is that a "closing cost"? It depends on who you ask.