Cash Out Refinance

[DeAndre Mason]

Hello BP, I bought a duplex and renovated it too to bottom and now have it rented. I am looking to cash out refi however my current mortgage servicer has high origination costs to do the refi. I found a local broker that can do a 80-85% LTV for 1500 in origination fees which is much lower than current mortgage servicers price of 7500. My question is, is this the normal way of doing a cash out refi for a BRRRR and pay closing costs twice? Is that just the way the game works? My rate would be going from 5.625 to a 5.25 which is okay but I just money out to the deal primarily. I spent too much on the remodel so I will be leaving some money in the deal but am holding long term and the cash flow will be great once we move out of one of the units. Please let me know what I didn't think of!