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We are in Arizona and are considering do a refinance on our home. The home valve is 192,000.00 and we owe 118,000.00 I wanted 14,000 cash out.

The lender is doing a conventional loan at 4.75% & 5.1763 APR. Our credit score wasn't very good but we didn't have any late payments.

The lender is charging us 3.00% loan discount required by Fannie Mae (this is not to buy down our interest rate). The 3.00% comes to 4,275.00 added into the closing cost. Is this something all lenders are required to charge if we are getting cash out at 76% LTV and our credit score was around 600?

Thank you for your time

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

If you have a fixed rate mortgage and break it to change to another (lower) rate mid term, you will be charged a penalty. The amount will be determined by the amount of the loan, interest rate and remaining period of the fixed term.

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