by Mr. T in DC
Question by newpoint60618: Are these closing costs excessive for an FHA mortgage refinance?
OK, are these numbers too high, or am I just being overly cautious. My current loan is at 6.375% and has a balance of $ 97,5000. My mortgage company is offering me a new 30 year loan at 5.5% (or lower), but the new loan would be for $ 103K. They are telling me the closing costs are going to be around $ 3,900 with and additional $ 1800 in FHA fees. Is this right?
What do you think? Answer below!