I am refinancing and my closing disclosure indicates $974 is due back to the borrower. I requested that the cash be removed from my loan balance so that I finance less over the 30 year term. The loan officer said if I did that, the balance would fall below $200K, and then it would cost more in loan costs/points etc. He did not provide a very concrete answer.
Are there thresholds for borrowing certain amounts? I'm sure they would vary by lender, but I cant find this information anywhere online!
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