topic Re: Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed in Mortgage Loans

Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed

StihlBilly — Thu, 08 Jun 2023 19:07:33 GMT

Good deal or keep shopping? Credit score is low 700s high 800s.

Re: Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed

ShanetheMortgageMan — Thu, 08 Jun 2023 19:14:31 GMT

What type of financing? FHA? Conventional? VA?

Single family residence? Attached condo? 2-4 unit property?

Owner occupied? Second home/vacation property? Rental/investment property?

Did you get a Loan Estimate or fee worksheet that breaks down/itemizes the closing costs?

Low 700's/high 800's is quite the spread, as those scores could have a 180+ point difference. What is your middle mortgage credit score?

Re: Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed

StihlBilly — Thu, 08 Jun 2023 19:18:49 GMT

Single family/owner occupied.

No loan estimate-this was a verbal quote over the phone.

Credit score was a typo-I meant high 700s/low 800s depending on the scoring model used.

Re: Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed

ShanetheMortgageMan — Thu, 08 Jun 2023 19:34:31 GMT

Verbal doesn't mean much, you'll need to get a breakdown in writing. A Loan Estimate isn't required, but any lender should be able to generate a fee worksheet that itemizes the costs. It's not binding, but at least it's something. Without it no one can really say if what you are being quoted is competitive or not. A part of the $15k could be setting up the new escrow account, a part could be intangible tax for the new mortgage you are seeking, a part of it could be lender fees, a part of it could be title costs.

Mortgage lenders use mortgage scores, you can obtain them here at myFICO.com by purchasing the Advanced product or you can get it from the mortgage lender that checked your credit. The credit score that is used is the middle one (the high & low are thrown out).

Did the lender who quoted you the 6.875% & $15k in closing costs check your credit?

Re: Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed

StihlBilly — Thu, 08 Jun 2023 19:37:08 GMT

No credit check was done. Other places I've inquired about this seem to indicate that it seems typical. Basically I was trying to determine whether to keep going with these guys or to keep calling around. It doesn't sound like I'm going to get very different numbers from someone else based on what I'm hearing.

Re: Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed

VAMortgageGuy — Fri, 09 Jun 2023 16:49:04 GMT

@StihlBilly wrote:
Good deal or keep shopping? Credit score is low 700s high 800s.

What's your current rate? Have you looked into a HELOC or HEL?

Re: Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed

ShanetheMortgageMan — Mon, 12 Jun 2023 17:57:57 GMT

@StihlBilly wrote:
No credit check was done. Other places I've inquired about this seem to indicate that it seems typical. Basically I was trying to determine whether to keep going with these guys or to keep calling around. It doesn't sound like I'm going to get very different numbers from someone else based on what I'm hearing.

What credit score did you tell them to use in order to quote you the rate/closing costs?

Re: Cashout refi: $400K loan; $525K property-quoted $15K closing costs and 6.875% on a 30 yr fixed

StihlBilly — Mon, 12 Jun 2023 19:05:26 GMT

I told them low 800s. In any event I rephrased my question a bit as I'm now looking at a HELOC as well and put up an updated post. Would be interested in feedback on that.