Quote:
Originally Posted by b0bd0herty
I started to refi with Citizens First last year to take advantage of the lower rates. they wanted closing costs of $17,000 to refi $300,000. To me, it was just legalized usury and we canceled the loan. Then they said they would lower the closing costs by $7,000 which kind of supported my opinion.
Plan to stay here another (fingers crossed) 25 years and with no one to leave my estate to, will just go with a Reverse Mortgage.
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The ONLY things that would cause a refi to have $17,000 in closing costs would be if you were buying the rate down even lower than the "par rate" (the advertised rate) or if you had to have significant upfront mortgage insurance for being over 80% leveraged. There are no standard closing costs that would climb to $17k on a $300k loan. You are leaving out some key facts.