Cashout Refinance Question

[Alexis Hassun]

Hey Guys,

I have a question, I own a property cash and I am looking to cash out refi, The property appraised at 335K and I am cashing out 190K , my closing costs are considerably high, 15K compared to closing costs I have endured when purchasing my home and another duplex. I also refinanced my home for a lower rate and closing costs weren't even close to 15K. Usually around 5k to 7k. Should i be switching lenders or is this typical for this type of cash out? Still fairly new to the real estate game so any thoughts and opinion are appreciated. 

[John Warren]

@Alexis Hassun check through your closing costs to see if they are escrowing for taxes and insurance. Lenders have to give a closing disclosure a certain amount of time before closing, and a lot of my clients freak out when they get that disclosure. The disclosure is overly conservative and doesn't give a clear picture of where the money is going. For instance, which of the closing costs are actually going to the lender (origination fees, etc) and which are going to bills you would have had to pay anyways (taxes, upcoming taxes, insurance).