Im confused...

[Slimnplatinum]

Im refinancing 2 of the properties that I have, In the process I am buying two more properties in Lakeland which are going to be rentals but who cares about that. Anyways in total i will be getting about 120K in my pocket through the refinancing. my credit isnt all that great somewhere like 605-625...I got an estimate from my broker telling me that closing cost for each transaction is going to be about 5,500 with no down payment on the properties through the programs he found me...Im wondering if Im getting ripped off or if this is normal??

[SAFKO]

On average closing costs in Florida are on the higher side. In your case it all depends, what loan sizes are we talking about? $5,500 sounds like it would be ok. Also what points is the broker charging you up front?

[Slimnplatinum]

loan amount for one house is 198K the other is 167K...i got to check on the points...i just read the sticky about getting ripped off and Im curious...

[SAFKO]

I assume that you were sent a Good Faith Estimate. Look it over to find out just what you are going to pay $5,500 for.

Here is a quick breakdown of how to read it if you dont already know.

800 block - You will find all lender and brokers fees attatched to this loan.

900 - You'll pay your interest to the bank in advance, this depends on when you close in the month. The closer to the end the better in your case.

1000 - This will have your escrows if you decide to have the lender pay your taxes and insurance. They can charge as few as 3 months up to 12. You may elect to pay them yourself, however most lenders will charge a .25 point. Also they will collect 1 full year of insurance if you have not paid it already.

1100 - Title fees, recording fees, notary fees, title examination, ect. For your title insurance figure $575 for the 1st $100,000 and $5 per $1000 therafter.

1200 - State stamps and taxes. Here is where Florida rips you a new one.

1300 - Misc fees, such as doc storage fees, pest exam, ect.

Just look it over and see if you notice anything that looks out of the ordinary. Let me know if you have any more questions.

And I ran it in my system and $5,500 would cover your closing costs, but not your prepaid items (interest and escrows) or broker fees. So make sure this guy isnt trying to bait and switch you.

[Amortized]

those figures aren't too far off. what's the ltv? what rate is he giving you? just make sure to check the ysp on the gfe and make sure its in line with the hud1. if he's trying to charge you 3 points ysp, look for another broker.

[number_2]

those figures aren't too far off. what's the ltv? what rate is he giving you? just make sure to check the ysp on the gfe and make sure its in line with the hud1. if he's trying to charge you 3 points ysp, look for another broker.

:lol:

man, that's like another language.

[Slimnplatinum]

:dunno: I gotta check this over...I remember him saying it was going to be closer to 23K all together(all 4 closings)...i just figured thats an aweful lot

[Amortized]

what's the total loan amount for all 4 closings?

[Slimnplatinum]

lets see...198+167+89+94=.....

[SAFKO]

:lol:

man, that's like another language.

ysp is the points that the lender will pay the broker out of the interest of the loan up front. the higher the ysp (or yeild spread premium) the higher the rate will be. this is negotiable between you and the broker.

[Slimnplatinum]

Gotcha ok so I guess im ok

[Rdline1]

its fine. as long as the broker isnt charging more than 2% of the loan amount for broker fees everything seems in line...