u/Fit_Writer_497

Considering refi of $332k. Home value $490k.

Original mortgage 6.49%, 30-year. We are 1 year into this loan. Monthly payment $2567

Refi would be for a 15-year. Quoted 5.375% (5.8% APR) with 1.82 points. Monthly payment $3261, with closing costs rolled into the loan so loan total is $349k.

The catch is lender is estimating approximately $16K in costs. This seems crazy high, right?

We are ok with paying more per month, we are hoping to reduce interest on our loan.

What would you do?