closing costs

[Save Us]

I had a question for some of our RE experts

I am refinancing my home I bought in 06 and the balance is 99,500 on a 15 year 6.125

what are reasonable closing costs for a refi as a % of loan amount.

I was thinking around 2.5% of loan,, on a refi

any thoughts

for CA and Zanna if you are reading this.

Thanks very much.

[Dougles]

I had a question for some of our RE experts

I am refinancing my home I bought in 06 and the balance is 99,500 on a 15 year 6.125

what are reasonable closing costs for a refi as a % of loan amount.

I was thinking around 2.5% of loan,, on a refi

any thoughts

for CA and Zanna if you are reading this.

Thanks very much.

Do you plan on living there for 15 years?

[nickelcityhomes]

Save Us, there are too many variables involved to give an accurate answer. Is it a cashout refi? what is the LTV? Are you refinancing with the same bank? Credit score? DTI ratio? Are there any origination or discount points included in your figure?

Some of the bigger lenders (like cwide and boa) have streamline refinance programs that drastically cut the closing costs, but the factors mentioned above will have an impact on your ability to qualify for those programs.

[CAugust]

Nickel city is correct. Especially when it comes to the finances, there is no clear cut answer that will be correct straight across the board. I'm sorry, that is a terrible answer, b/c it really wasn't one. HOWEVER - what I would recommend is speaking to someone directly that does this for a living. If you want a name, I pm me and I will gladly give one to you.

[zanna vaida]

Save US, I'm not a mortgage consultant, but I can refer you to many.
I advise you to do your homework. Call or phone a few banks (start with one you are dealing directly) and ask them what you asked us. Do you home work, but don't waist your time.
When you start with one, you'll have more questions to asked the second, and later the third party. Listen, compare and ask questions. Don't leave empty handed. Request up-date written material and the consultant's name.

The more you learn, the better off you and your finances will be. Speak up and stand for what you think is right. Don't be affraid to ask questions and be yourself. Learn and share with us. Save US.
Best,
Zanna

[dgrzeb]

I had a question for some of our RE experts

I am refinancing my home I bought in 06 and the balance is 99,500 on a 15 year 6.125

what are reasonable closing costs for a refi as a % of loan amount.

I was thinking around 2.5% of loan,, on a refi

any thoughts

for CA and Zanna if you are reading this.

Thanks very much.

I already seen the answer to this , realtors are not qualified to answer this , in fact it would be unethnical for them to even try..........my wife was just asked this yesterday on the phone from a friend & she directled them to a mortgage expert with Hunt (Devere Cap. ?)..........

[gorja]

Save us- I know your question was related to closing costs.
I'm going off topic.

Did you see the rates that Evans bank currently has?
15 yr fixed rate - 4.75%

http://www.evansnationalonline.com/b...tage_rates.php

[nickelcityhomes]

in fact it would be unethnical for them to even try

Unethnical, eh? Offering an opinion does not invalidate my ethnicity. Call BNAR if you have a problem with it. They love dealing with ethnic issues.

she directled them to a mortgage expert with Hunt (Devere Cap. ?)

With friends like that, who needs enemies?

[CAugust]

I already seen the answer to this , realtors are not qualified to answer this , in fact it would be unethnical for them to even try..........my wife was just asked this yesterday on the phone from a friend & she directled them to a mortgage expert with Hunt (Devere Cap. ?)..........

you are correct - it is unethical for us to answer - we are not financial experts in loans. Unfortunately in too many instances this is not the case and they give thier opinions. It came up today - I asked about the pre-apporval - amount? concessions? fha or convential? taxes? they had no clue - I said, give me the number I am calling him to explain to him what he needs to explain to you! They had no idea what they would need to bring to the table in regard to closing costs uggggggggggggggggggggggggggggg - ok just give them a number and HOPE for the best?? and we are crooks????

[dgrzeb]

Unethnical, eh? Offering an opinion does not invalidate my ethnicity. Call BNAR if you have a problem with it. They love dealing with ethnic issues.



With friends like that, who needs enemies?

nickel , my wife is an Assoc. Broker with Hunt & they use Devere , who are far better experts with mortgages then myself & realtors (& evidently yourself) , that's their area of expertise , as caugust or zanna can attest to & explain beter then I , thank you............."Ethics" are realtors "life" , they are the exact opposite of "used-car" dealers , I've NEVER run into a crooked realtor , they are the most honest professionals I've ever dealt with (inc. MD's , etc.)

[Save Us]

Thanks for the reply folks

I was reading somewhere, maybe bankrate. com that said that closing costs could be anywhere from 2 to 6% of loan, the original loan was with MandT they sold to Chase financial so I am going to start with Mandt

I just hate paying those pluto reseach fees as I call them... in some ways it seems like it is just another scam.

[geo_wny]

nickel , my wife is an Assoc. Broker with Hunt & they use Devere , who are far better experts with mortgages then myself & realtors (& evidently yourself) , that's their area of expertise , as caugust or zanna can attest to & explain beter then I , thank you............."Ethics" are realtors "life" , they are the exact opposite of "used-car" dealers , I've NEVER run into a crooked realtor , they are the most honest professionals I've ever dealt with (inc. MD's , etc.)

Word for the wise stay away from Devere.... I have never heard anything good, when i closed on my house the previous homeowners used them and we allmost couldn't close due to them messing up paper work. We were delayed 5 hours untill they did what they had to...

[dgrzeb]

Word for the wise stay away from Devere.... I have never heard anything good, when i closed on my house the previous homeowners used them and we allmost couldn't close due to them messing up paper work. We were delayed 5 hours untill they did what they had to...

Hunt is a multi-million dollar real estate firm/co. & they use Devere Cap. (but just because you use a Hunt "agent" or buy from a Hunt agent , you don't HAVE TO use Devere , you can use any bank or mortgage co. YOU want) , I think Peter Hunt knows what he's doing , just because you point out "one" instance , there's FAR many more positive ones..........Plus , Devere is NEVER been mentioned in the "mortgage crisis" that has apprehended this country..........I have never used Devere either , but would never base an opinion on one incedent...........

[Dougles]

I'd wait for a little, The house Repubs are traying to get the Fed to set all mortgages at 4%!

[CAugust]

I'd wait for a little, The house Repubs are traying to get the Fed to set all mortgages at 4%!

That would be a great thing as long as the qualifications are kept in check to recieve such a rate !