Hi,I woud really appreciate the advice/input of anyone who can help.  I am refinancing out of a construction loan into a 30 year fixed.  LTV is 65%, loan amount is $210,000,  credit score 780.  No cash out.  I was offered 4.875, 1% origination (no points) and an additional $500 in bank fees (plus regular 3rd party, title etc..)  Does this sound like a good deal?  Thanks in advance!!

Yes, good deal.

That 1% origination is a "point", btw...

You know, I just looked. I can give you the exact same costs at 4.625% 30yr fixed.

For what it's worth, you aren't getting a bad deal but as I've shown, you can do a little better.

What is the typical cost for a cash out refinance?

Jonathan Clay:

What is the typical cost for a cash out refinance?

I just charged $100,000 dollars on one.

As you can see, it's relative to the loan amount. Typical closing costs are 2% of the loan amount and this number should include all fees.

I actually meant the number of points added to the rate to pay for cash out.  I am pay a 0.5% origination fee to my bank for a par rate....So I am wondering how much the premium is specifically to add the cash out portion to the loan amount - as a percentage or portion of a percentage.

Thanks for your help in advance.

Jonathan Clay:

I actually meant the number of points added to the rate to pay for cash out.  I am pay a 0.5% origination fee to my bank for a par rate....So I am wondering how much the premium is specifically to add the cash out portion to the loan amount - as a percentage or portion of a percentage.

 

Thanks for your help in advance.

depends on the loan to value and credit score. FNMA (fannie mae) introduced "risk-based pricing" hits i believe early 2008, meaning that at certain loan to value ratios you take a hit according to your credit score. Under 60% LTV, you don't take hits unless you have a really low fico score.

With a 790 credit score the hits range from .25 to .625 depending on your LTV