03/16/2024
I was looking at refinance my house. Loan balance is 342000. And value today is 485000. Fico is 702ish. On an FHA, do I have to pay this 7000.00 and tag it to a 400000k loan to bring the loan at 407k..? I am offered a 400k loan at 21k fees and a cash out at 30k ..and the lender wants to add 7k to the loan...???he said it is upfront to FHA but it is already included in the loan cost of 20k ...I don't get it or is he trying to still 7k? Anyone thoughts and advise? If I do my math, all taxes and escrow are included in his 20k loan cost...so 400-342=58k...-30k cash out=28k...-21k loan fees=7k, as my brain is telling me and I asked him about where is this 7k is?. He said it is tag to the loan for FHA...???