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sandymaepr

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refi to 3.25 loan from 6.5. amount owed is 68,412. they want me to up to 75,000. loan is 15 years
Otherwise I would be charged abt 1,000 for loan, versus getting extra amount out.

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Cash-out loan

It sounds like they are just offering to provide you some cash from the loan proceeds.  Ask the bank or mortgage company to explain where all of the money goes if you take the $75,000 loan.  (IE how much of the money over the $68,412 goes to pay loan fees and how much would you receive directly)

If you refinance your loan for the same exact amount as you currently owe, you'll have to pay the mortgage refinance fees out of your pocket.  A common thing that banks and mortgage companies do is roll the refinance fees into the new loan so you don't have to come up with any cash to complete the refinance.  From the informaiton you have provided, you could get a check for about $5000 when you close on the loan.  Of course, this money isn't free and you'll have to pay it off over the course of your loan.  If you are not interested in getting cash back and increasing your debt, ask to finance the loan with just enough room to pay for the closing fees and nothing else (or maybe round up to $70,000).

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