Cash-Out Refinance Advice / Review

[Rob Myrick]

Hi, I have a cash-out refinance on my 4-family investment property, approved and ready to go with my current 1st Mortgage lender.  Carrington Mortage.  Total loan costs are $6,302. I would like to know if these are unreasonable, and I'm scared they could change, and don't want to get screwed by things changing. 

This is the deal on the table: 

______

Current loan balance: $120k

Current loan rate: 6%

Current loan amortization: 15 years left

Refinanced balance: $170k

Cash Out: $40,772 up to $50k depending on appraisal

Rate 4.75%

Term: 30 years

Monthly payment savings: $150

1) Loan points: $3,179

2) Underwriting fees: $1,395

3) Title - Closing Protection Letter Lender $25

4) Title - Lender's Title Insurance $86

5) Title - Notary Fees $150

6) Title - Settlement Fee $400

7) Title - Title Examination $200

8) Appraisal Fee $680

9) Credit Report $93

10) Flood Certification $10

11) Tax Service $84

Let me know if this loan seems worth the effort.  I would like to invest the $40k into a new property, and I'm assuming inflation will likely be in my favor long term. 

[Peter Walther]

Line 4 $86 for a $170k Mortgagee Policy seems low.  I believe in Florida the policy would cost something like $925.