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Old 06-16-2020, 2:19pm   #1
Mick
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Default Question for FLA peeps:

By Brother-in-Law wants to refinance the mortgage on his house. He is not paying points, or anything like that, just a few hundred dollar initiation fee, and some other little fees, but the total closing costs are $14K. I went to the detail, and they are charging him $6,000 for title insurance, and $7,000 for "transfer tax". He is not selling the house, or re-titling it in any way, but his mortgage broker swears that you have to pay that every time you re-finance. Does this sound on the level to anyone?
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Old 06-16-2020, 2:22pm   #2
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His broker is FOS. We refi'd ours and the total refi costs were well nunder $5k total, which the CU paid, most of which was the loan origination fee the CU usually charges.
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Old 06-16-2020, 3:24pm   #3
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take that 14k and put it toward the principal. pay it off faster and be done with it.
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Old 06-16-2020, 3:52pm   #4
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$14k CLOSING costs on a refi ???
That's not right.
They should be paying him to refi with them.
Tell him to bail and to find a better ddal, even if he has money into it already
What state is he in?
State of shock I'm sure.
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Old 06-16-2020, 4:00pm   #5
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Doesn't the OP understand that this is OT and we all paid cash for our houses?
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Old 06-16-2020, 4:36pm   #6
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Originally Posted by MrPeabody View Post
Doesn't the OP understand that this is OT and we all paid cash for our houses?
I'm paying cash for mine.

Every month I send them a little.
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Old 06-16-2020, 4:58pm   #7
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Sounds like a load of crap to me.
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Old 06-16-2020, 5:23pm   #8
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I'm paying cash for mine.

Every month I send them a little.
I actually did pay cash for mine. However, it's a 1977 single wide with an expanded living room. And it needed work.

But it's mine. All 815 square feet of it.
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Old 06-16-2020, 6:10pm   #9
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What state is he in?
State of shock I'm sure.
Based on the thread title I'm gonna go out on a limb and guess FL.
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Old 06-16-2020, 6:25pm   #10
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Originally Posted by Jeff '79 View Post
$14k CLOSING costs on a refi ???
That's not right.
They should be paying him to refi with them.
Tell him to bail and to find a better ddal, even if he has money into it already
What state is he in?
State of shock I'm sure.

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Old 06-16-2020, 6:29pm   #11
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Originally Posted by MrPeabody View Post
I actually did pay cash for mine. However, it's a 1977 single wide with an expanded living room. And it needed work.

But it's mine. All 815 square feet of it.
Yes, but you're in CA.....the land it sits on is probably worth a million bucks.
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Old 06-16-2020, 6:34pm   #12
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Yes, but you're in CA.....the land it sits on is probably worth a million bucks.
Not the part of California where I live. And I don't own the land. I'm in a senior mobile home park and it costs less than $500 in monthly rent.
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Old 06-16-2020, 8:20pm   #13
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Title insurance is 5.75 to 5.00 per . How much is the home he is buying?

https://titlepartnersofsofl.com/flor...per%20thousand
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Old 06-17-2020, 12:39am   #14
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Originally Posted by MrPeabody View Post
Not the part of California where I live. And I don't own the land. I'm in a senior mobile home park and it costs less than $500 in monthly rent.





The space rent for a mobile home in a mobile home park starts at $2,100 and goes up to $3,500. And that's for a senior park here. You go to Newport Beach, Laguna beach, and Dana Point and it's 5-7K a month. I never heard of $500 a month space rent unless you're talking 30 years ago. Only one park that i have heard of that you could own the land underneath your home which would be 36' x 90' and that cost 700k plus the homes are around 500k. But they do have a ocean view.
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Old 06-17-2020, 12:51am   #15
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The space rent for a mobile home in a mobile home park starts at $2,100 and goes up to $3,500. And that's for a senior park here. You go to Newport Beach, Laguna beach, and Dana Point and it's 5-7K a month. I never heard of $500 a month space rent unless you're talking 30 years ago. Only one park that i have heard of that you could own the land underneath your home which would be 36' x 90' and that cost 700k plus the homes are around 500k. But they do have a ocean view.
I'm in Lake County, about 100 miles north of San Francisco. You can buy a house on a golf course here for 300K. Now, we don't have the weather you have in Socal, it gets to 100 degrees here in the summer, some days even higher and we can have freezing temps in the winter.

On the plus side, all of our radio stations are in English.
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Old 06-17-2020, 1:41am   #16
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I'm in Lake County, about 100 miles north of San Francisco. You can buy a house on a golf course here for 300K. Now, we don't have the weather you have in Socal, it gets to 100 degrees here in the summer, some days even higher and we can have freezing temps in the winter.

On the plus side, all of our radio stations are in English.



It's pretty up there. Homes are cheaper because of no industry. Nice area to retire in. I'll take 100 degrees with no humidity over 80 plus degrees with humidity any day.
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Old 06-17-2020, 7:43am   #17
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Originally Posted by Mick View Post
By Brother-in-Law wants to refinance the mortgage on his house. He is not paying points, or anything like that, just a few hundred dollar initiation fee, and some other little fees, but the total closing costs are $14K. I went to the detail, and they are charging him $6,000 for title insurance, and $7,000 for "transfer tax". He is not selling the house, or re-titling it in any way, but his mortgage broker swears that you have to pay that every time you re-finance. Does this sound on the level to anyone?
Mick, if you want, I can hook your BIL up with a Florida Mortgage company that will take good care of him. I'm a licensed MLO for them in Texas. NMLS # 1922585
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Old 06-17-2020, 7:43am   #18
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Originally Posted by VITE1 View Post
Title insurance is 5.75 to 5.00 per . How much is the home he is buying?

https://titlepartnersofsofl.com/flor...per%20thousand
He's borrowing a little over $800K, so the title insurance amount isn't completely out of line with the estimate at your link. The questions is, why does he have to buy a new title insurance policy just to refi his mortgage.

BIL sent me this link from his broker:

http://www.choicefinance.net/florida-closing-costs.htm

If you scroll down a little, it does say you have to pay a "doc stamp" of $3.50 per thousand and an "intangible tax" of $2.50 per thousand, so even though it isn't a "transfer tax" per se, that site is saying what they are charging him for taxes is approximately correct.

Thanks!
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