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Mortgage refinance closing costs?
Old 12-16-2008, 07:28 PM   #1
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Mortgage refinance closing costs?

So, I'm refinancing my mortgage and locking in a kick a$$ 30 yr fixed rate of 4.675%% through Wells Fargo. I was told I could get this rate by paying full rate closing costs of $7,600 on a $417,000 loan.

Does this $7,600 feel reasonable to folks?
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Old 12-16-2008, 07:38 PM   #2
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Only if it is a $2,000.000.00 loan. Sounds like a BIG GOUGE to me. Last re-fi I did with WF I paid $500. That is dang near 2% of BS in my book.
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Old 12-16-2008, 08:29 PM   #3
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Why don't you try and do a loan modification. There a companies out there that can help you with no credit check and no closing costs. There is a fee but it's no where $7600.
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Old 12-16-2008, 08:45 PM   #4
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I just did a 30 yr at 5% with no points. Closing costs are less than $2K. It seems to me that rates are bouncing at 5.0 plus or minus an 1/8th. If you are getting lower you must be paying points for now. Of course I expect rates to dip a little more.

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Old 12-16-2008, 09:15 PM   #5
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Tomcat, for how much was the loan? Doesn't it hold true that the higher the loan amount, the higher the closing costs? Am I mistaken about that?
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Old 12-16-2008, 09:24 PM   #6
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Originally Posted by scooter260 View Post
Tomcat, for how much was the loan? Doesn't it hold true that the higher the loan amount, the higher the closing costs? Am I mistaken about that?
You're right on the border of jumbo-loan territory, so you shouldn't pay any extra. It's the same amount of work between $50K and $417K.

Appraisal-- $400-$500. Title insurance-- $1200-$2500 (depending on the complexity of title search or liens/problems). Paperwork shuffling-- maybe $500. Recording fees are usually $25-$50 but they really try to clean up on "fax fees" and "delivery fees".

Your $7600 quote probably includes points thinly disguised as "loan origination fees", "funding fees", and "interest rate lock fees".
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Old 12-17-2008, 06:34 AM   #7
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I agree with Nords. In our area appraisals are 350, title work 600-720, paperwork fees 495, and recording fees etc about another 200. Certainly if you are paying a point for origination that will go up with the amount you borrow and also if you are in Jumbo territory the rate is a little higher. With the 5% the APR is %5.12

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