Hello, to everyone reading this email. I hope that individuals that work in the mortgage industry can provide me with some feedback to my queston. I will like to know if you desire to refinance a current loan, what percentage of the new loan can you anticipate paying in closing cost? For example if the new loan on the property is $200,000, would the refinance closing cost be 2-3 percent of this amount? Can this percentage be higher?
For example if the new loan on the property is $200,000, would the refinance closing cost be 2-3 percent of this amount?
2-3 percent should be adequate depending on the State the property is in. For example, 2-3 percent would be low in Florida due to State Tax stamps, etc.
What Mark just stated is pretty acurate. What state are you in?
Thanks for the responses Shaun G and Mdhass. At the moment, I am not sure the state that I am going to invest in. Right now, I want to understand all the cost that will be associated with refinancing to estimate how much it will take away from my profits.