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REAL ESTATE Refi: What lender what fees

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TheBigIdea

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Aug 19, 2007
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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?
 

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biophase

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Jul 25, 2007
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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
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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
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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?
 

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