Financing w/cash-out refi

[Elizabeth Thompson]

Hi all. I’m brand new here and have a question about financing. I am thinking of doing a cash out refi on my primary home to obtain the funds to purchase my first investment property. I got an offer for refinancing in the mail yesterday, the interest rate is more than 1 percent lower than my current and it would save me around $70/mo on mortgage payments, but the closing costs were $11k+. Is that normal? On a mortgage of around $225k what kind of closing costs should I be looking for? Thanks!