amy g. Posted September 8, 2010 Share Posted September 8, 2010 We want to do a limited cash out refinance. I just found out today that our house appraised high enough. I was really worried about comps, but it worked out. Everything is set to close the week after next with the credit union at dh's work, but I started thinking that $8,000 closing costs on a $300,000 loan might be excessive. Could I use the appraisal that we paid for to shop for a better loan, or just close as quickly as possible before interest rates go up? Quote Link to comment Share on other sites More sharing options...
Jann in TX Posted September 8, 2010 Share Posted September 8, 2010 You might want to shop around... your appraisal should be good if YOU paid for it--if not you would have to reimburse the original mortgage refi company. We are in the middle of refinancing--our closing costs are less than $2000 on a $250,000 loan.. but we are not taking any cash out... just saving $300 per month! Shop around if you can. Quote Link to comment Share on other sites More sharing options...
Caroline Posted September 8, 2010 Share Posted September 8, 2010 We are refinancing with no closing costs. We are going from a 30 year to a 15 on less than 300k. Quote Link to comment Share on other sites More sharing options...
KidsHappen Posted September 10, 2010 Share Posted September 10, 2010 It depends on how much it is going to lower your interest rate and if you will pay at least that much less overall in the long term. We refinanced and our closing cost were not that higher plus we lowered out interest rate by almost two percent and our monthly payment went down $300 a month. So our long term cost is much less than the refinace closing costs. Quote Link to comment Share on other sites More sharing options...
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