Absolute wrote: ↑
Thu May 07, 2020 10:01 pm
Would like some insight from the BH community on the below refinance proprosal.
Details of proposed loan:
Current rate: 4.366%, 30 year, 56 months in.
Credit Score: ~770 (middle score)
Mortgage Balance: $198,000
20 year locked: 3.25 (no points)
Lender Credit: -$400 (appraisal waived)
Title (Shoppable Fees): $1,910
Total Closing Costs: $6,640
Total Cash to Close: $7,389
Costs seem higher than what I've seen from other posts. How about the below breakdown of title fees.
Title - Closing Protection Letter $75
Title - Courier Fee $70
Title - Document Storage Archive Copies $90
Title - Lender's Endorsements $100
Title - Lender's Title Insurance $550
Title - Municipal Search $70
Title - Notary Fee $25
Title - Recording Service Fee $50
Title - Release Prep Fee $75
Title - Settlement Fee $425
Title - Tideland Search $50
Title - Title Examination $100
Title - Title Search Abstract $100
This adds $10 to the monthly payment and shaves ~5 years where I can also start adding to principal monthly with flexibility. Any advice? Costs seem high as I mentioned. I understand the taxes/escrow/prepaid are just moving money around.