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For those of you who are in the industry or who have recently re-fie'd, I'm trying to get an idea if the closing costs I've been quoted are in the ball park or not. Looking at 30 yr. fixed at 4.5% for $242,000, with prepaid/reserves of about 1690 and closing costs of 3810. Will probably roll the costs into the loan bringing the new loan to 250k. Any input would be appreciated.
For FHA or conventional rate and term refi....
PAR rate is 4.0 or less. 4.5 will give the broker around 3.5% commission and to charge closing cost on top of it is very close to section 32 limit. Most retail and wholesale lenders are offering 4.5% w/o closing costs OR 4.0% with 1% closing cost+prepaids.
This is just a general guideline and I do not know your DTI, LTV and credit situation obviously.
I just refi'd my house with an FHA streamlined refi at 4.5% w/o closing costs. Just had to bring money for the escrow. Used the same Mortgage Banker for my original loan and the refi and would highly recommend him. I'll PM you if you're interested...Quote:
Originally Posted by MB888
just refi'ed and closing costs was 2100, all lenders fees waived. citimortgage