Refi closing cost and interest rate too high??

[Taylor Eldredge]

I’m in the process of refinancing two rental properties for the first time. My estimated closing cost and interest rate seem a little high.

Interest rate: 5%

Property #1:

ARV: 150,00

Closing cost $7,360. $2,727 are for escrow and 4,633 are closing cost.

Property #2:

ARV: 185,000

Closing cost $8,590. $4,006 are for escrow and $4,584 are closing cost.

Let me know your thoughts. Thanks in advance.

Taylor

[JD Martin]

Not terribly out of line, depending on your credit rating. Depends also on your state. A little high on the interest rate perhaps, but not completely in left field.