Cashout Refinance Charges

[Lawrence Bustos]

Hi all I'm new to BP and I'd like your input on my current scenario. 1.) I am getting rates on a cashout refinance LTV 95% 2.) Value of loan at closing will be $342k and cash out will be $148k. 3.) interest rate will be 4%, however I will be charged for 6.65 points. 4.) Total fees is roughly $24k for cash-out refi and $6300 for closing 5.) After fees my amount out will be roughly $117k

Is this a good deal? I do not know if the fees for this scenario are sound at $24k, while the closing fees seems legitimate. If there are better deals, can someone share banks I can shop? What are the typical charges for this type of cash out refinance?

I appreciate your input.

[Kevin Romines]

How in the world are you getting a cash out refinance up to 95% if its not a HELOC? Is this an owner occupied property? If so, consider a no cash out refinance 1st to get a great rate, followed by a HELOC up to 90-100%. The closing costs of the HELOC will be very minimal. The closing costs of the no cash out 1st mortgage will be just the normal closing costs plus up to 2-2.5% in discount points.

The quote you mentioned leads me to believe this is a non-owner occupied loan, because owner occupied loans can have no more than 3% origination and discount points in cost, otherwise its considered a High Cost Mortgage and is not allowed the safe harbor protections as per the regulations.