The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

REAL ESTATE Refi: What lender what fees

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

TheBigIdea

New Contributor
Aug 19, 2007
4
3
18
38
St Louis MO
Any reccomendations on a lender to use for a refinance? I am looking for just a 30 year fixed right now, countrywide seems good, but wants $385 for appraisal and will roll other cost into loan they say. Which will end up adding roughly 5000 to the loan.

Does that sound right for an appraisal? Does this vary from lender to lender or is it pretty standard?

I ask because I know these companies try to inflate the little things sometimes and not having refinanced before, I dont know.

So anybody have a suggestion for a lender with the best rate and the lowest fees? I am assuming I dont have control over many of the closing costs other than the appraisal?
 

Don't like ads? Remove them while supporting the forum. Subscribe.

biophase

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 25, 2007
6,894
31,676
5,083
Scottsdale, AZ
The appraisal sounds about right unless its a real small condo. Appraisal fees are charged by the appraiser not the lender. However, the lender usually chooses the appraiser or has to approve of who you want to use.

$5000 total fees is on the high side. Are you paying points? You should get a complete breakdown of how they arrive at $5000.
 

tbsells

Contributor
Jul 27, 2007
304
58
31
Ohio
$5,000 in closing costs sounds high. You did not state what the loan amount is. If its a jumbo loan, or your credit is bad maybe its not to bad. Shop around a little bit and I bet you can beat this. Look in the Sunday paper for the local banks. They are usually cheaper on refi's. They are usually easier to deal with also. There are a couple in Cincinnati that refi existing customers for $250. I think they charge around $800 for new customers. I' talking about 80% LTV and good credit. If you don't have 20% equity and good credit they don't want your business. I would think every city has this type of lender.
 

tbsells

Contributor
Jul 27, 2007
304
58
31
Ohio
I personally cannot imagine a situation in which I would pay $5,000 to refi. Make sure you take a hard look at the numbers before you commit to this. What are you gaining? How long will it take you to make back the $5,000 you spent. Is it worth it?
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
New Course! Upwork Client Psychology I #UdemyApproved! Upwork Client Psychology I is designed...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Welcome to 2020, I wanted to add in a quick note about gratitude for the new year...


Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

The 2020 Fastlane Summit

This event SOLD OUT in October. For authorized resale tickets, please check ticket resales or contact the forum directly.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom