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Message
Home Refinance - $7700 closing costs
Posted on 4/16/10 at 12:15 pm
Posted on 4/16/10 at 12:15 pm
That's absurd, right?
A Wells Fargo (currently owns my mortgage) rep called me about refinancing the other day. The rate sounds good, but that's a really high amount for closing, right?
What's a reasonable total on a $150k house?
And does anyone know a good mortgage lender in the Acadiana area?
A Wells Fargo (currently owns my mortgage) rep called me about refinancing the other day. The rate sounds good, but that's a really high amount for closing, right?
What's a reasonable total on a $150k house?
And does anyone know a good mortgage lender in the Acadiana area?
4
Posted on 4/16/10 at 12:28 pm to uway
Thats where they make their money.
Posted on 4/16/10 at 12:39 pm to uway
About a third of what you are being quoted, shop around for a better deal.
Posted on 4/16/10 at 1:05 pm to LSUDad
quote:
Thats where they make their money.
I understand that, and I don't want anyone to work for free, but come on. I'm not giving up that much equity just so he can have a good month.
Posted on 4/16/10 at 1:05 pm to uway
Have they given you a good faith estimate with a breakdown of the costs? Are you paying any discount points?
Sounds really high to me if paying no points.
Sounds really high to me if paying no points.
Posted on 4/16/10 at 1:18 pm to Martavius
quote:
Sounds really high to me if paying no points.
+1 Especially for a loan of < 150K
Posted on 4/16/10 at 1:38 pm to uway
$3500-4500
Posted on 4/16/10 at 1:42 pm to Martavius
quote:
Are you paying any discount points?
The breakdown I have says $775.
Part of the total is a $3k for FHA MIP, but I don't even know why he would try to do this as FHA. I wouldn't think my income would qualify.
Anyway, when I realized the costs he was trying to lay on me, I called him and he basically told me he wasn't sure what made up the total costs b/c they were 3rd party bank fees.
At that point I knew I wouldn't be going any further with him.
Posted on 4/16/10 at 1:45 pm to uway
If it included the MIP payout then your amount is pretty close to normal. Why dont you think you would quaify for FHA?? There is no income limit that I know of.
Posted on 4/16/10 at 1:49 pm to Catman88
quote:
Why dont you think you would quaify for FHA?? There is no income limit that I know of.
It's not something I need to know, and I just assumed there would be an income limit.
quote:
If it included the MIP payout then your amount is pretty close to normal.
But it is still considered a closing cost, right? Why would I want to add that to my loan?
Posted on 4/16/10 at 1:59 pm to uway
With an FHA loan you pay an upfront premium for the MI that will be on the home until 79% loan to value is achieved.
Now MI is a whole hell of a lot cheaper than paying PMI in many cases 50% of PMI. So paying that 3k can in some cases work out better than a conventional loan.
MIP is a closing costs but classified differently than things like the orig fee etc..
Some home brokers here may be able to explain that better.
Now MI is a whole hell of a lot cheaper than paying PMI in many cases 50% of PMI. So paying that 3k can in some cases work out better than a conventional loan.
MIP is a closing costs but classified differently than things like the orig fee etc..
Some home brokers here may be able to explain that better.
This post was edited on 4/16/10 at 2:00 pm
Posted on 4/16/10 at 3:18 pm to uway
quote:
Home Refinance - $7700 closing costs
wow you are getting railed. They have programs for free usually a little higher rate but thats a non statement bc I don't know hwat you have curently. I wouldn't pay more than 4k to refi FWIW especially for that amount
Posted on 4/17/10 at 10:10 am to carlsoda
Get a GFE from NOLA Lending.
I had a GFE from a local mortgage broker, and it seemed like the fees were too high. I talked to the broker to lower the fees, but they barely budged.
I called nola lending, and their GFE ended up being $3,000 less.
I had a GFE from a local mortgage broker, and it seemed like the fees were too high. I talked to the broker to lower the fees, but they barely budged.
I called nola lending, and their GFE ended up being $3,000 less.
Posted on 4/18/10 at 11:51 am to urtoosmall
Before you do anything, ask yourself how long you will be in the house before you plan to upgrade or posibly move(relocate)? Figure out what the costs are and then divide the costs by the number of months that you think you'll be staying there. If it's less than the difference between what you pay now and what you'll pay later... go ahead and pull the trigger, If not, then don't do it.
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