The Quick Read: No single number covers every file. What a borrower brings to closing is the sum of five parts: lender and broker charges, third-party reports, title and recording, prepaids and escrows, and the pricing choice between points and lender credits. Those parts move with loan size, state, occupancy, and whether the refinance is cash-out.
- Costs scale with the loan amount only in part. Some items are flat, some are percentage-based, and prepaids are not fees at all.
- Pricing choice often moves the total more than loan size does.
- Cash to close and reserves are separate lines. Plan for both.
- Above $4,000,000, every file is reviewed case by case before submission, so cost planning starts with the program that fits.
- Bank statement qualification changes the documentation burden more than it changes the fee categories.
What Goes Into Closing Costs on a Super Jumbo Refinance?
Five buckets make up the total. Investors who learn the buckets can read any fee sheet, whatever the loan size.
| Bucket | What it covers | Scales with loan size? |
|---|---|---|
| Lender and broker charges | Origination, underwriting, processing | Often partly |
| Third-party reports | Appraisal, credit report, tax service | Mostly flat per file |
| Title and recording | Title insurance, settlement agent, recording | Title premium grows with policy amount |
| Prepaids and escrows | Interest to first payment, taxes, insurance | Moves with calendar, not lender profit |
| Pricing choice | Points or lender credits | Percentage-based, so yes |
Two things surprise first-time super jumbo borrowers. Percentage-based items get large because the balance is large, even when the percentage is modest. And prepaids and escrows can be a big share of the cash needed, but they are not charges the lender keeps.
Title deserves its own note. Title insurance is priced off the policy amount, and the rates are state-regulated. A larger loan means a larger premium, and the premium differs by state. On a refinance, some title underwriters give a reissue discount when the property was insured recently. Eligibility windows vary by underwriter and state. On a cash-out refinance, coverage above the prior policy may be priced at the standard rate.
Why Does the Pricing Choice Matter So Much?
Pricing is a trade. You pay more up front to lower the long-run cost, or you pay less up front and carry a higher long-run cost. Either way, dollars move between cash to close and the cost over time.
Points are upfront charges. Some lenders use the word for any upfront fee set as a percentage of the loan, whether or not it lowers the rate. A lender credit works the other way. It lowers cash to close, and the cost shows up in the pricing or the balance instead. A “no-cost” refinance is therefore never free. The cost moved.
The cleanest way to see the trade is to ask for two options on the same loan amount and term, one with points or credits and one without. The federal consumer-finance regulator’s guide to comparing loan estimates suggests totaling interest plus fees over about five years. It notes the average borrower keeps a mortgage about that long. An investor who expects to sell or refinance sooner should be wary of paying points.
How Does Bank Statement Underwriting Change the Cost?
It changes the documentation more than the fee categories. A bank statement file is reviewed on documented income under the applicable program, subject to lender guidelines. Income comes from 12 or 24 consecutive months of personal or business statements, through select wholesale programs. The bank portfolio program uses 12.
Underwriters add up eligible deposits and divide by the statement months. For business statements, an expense ratio applies first. Fixed ratios are 20% for a service business with no employees, 40% for one to five employees, and 50% for six or more employees or any product business. An accountant-provided ratio is also accepted. Transfers from the borrower’s own business into a personal account count in full. Business statements require at least 25% ownership.
That work sits in underwriting and review. It rarely shows up as a separate line. The practical cost of a bank statement file is clean, consecutive statements. A missing month or a transaction history in place of statements forces a re-pull, and that delays the file and can push the closing date past a price commitment.
A DSCR refinance qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. A bank statement refinance is reviewed on deposits. The cost components are similar. The review effort differs. For a deeper comparison of the two paths, see the complete DSCR loans guide.
What Changes at the Super Jumbo Tier?
Super jumbo is a lender-defined tier, not a regulatory one. Through select wholesale programs, the size ladder runs from $300,000 to $30,000,000 across two programs. A portfolio non-QM program carries files to $6,000,000. A bank portfolio program carries twelve-month-statement files to $30,000,000, and its ladder begins above $4,000,000.
Four things move costs and cash needs as you climb:
- Overlays. Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, the program overlays apply. They include a 700 credit floor, 0x30x24 housing history, and 48-month seasoning after any credit event. Cash-out proceeds cannot satisfy reserves.
- Reserves. Reserves run 3 months to $500,000, 6 months to $1,500,000, and 9 months above that. They are separate from closing costs but count toward the total liquidity you need. Lendmire’s piece on how much a super jumbo bank statement loan holds in reserve covers what counts.
- Leverage. Leverage steps down as the loan grows. On a primary residence, rate-term refinances run to 90% through $1,000,000 and 80% from $2,000,000 to $3,000,000. They are 70% from $3,500,000 to $4,000,000 on the portfolio program. From $4,000,000 to $5,000,000, the bank portfolio program takes a primary-residence rate-term refinance to 65%, on review.
- Case-by-case review. Anything above $4,000,000 is reviewed before submission. Cost planning there starts with confirming which program the file fits.
Leverage matters for costs because percentage-based items follow the balance. A lower-leverage file borrows less against the same property, so those items shrink.
Which Costs Can You Compare, and Which Can’t You?
Lender and broker charges can be compared and, within reason, negotiated. Third-party and government charges generally cannot. That is practical experience, not a rule, so treat it as a guide.
On a standard Loan Estimate, the lender-controlled items sit in origination charges in Section A. The services borrowers can’t shop for sit in Section B. Lender credits sit in Section J. The CFPB’s sample Loan Estimate shows how those lines are laid out. Title, settlement-agent, and recording items appear as separate lines. Appraisal and credit report sit in the lender-chosen services group.
Compare origination charges and credits across offers. Then compare cash to close, which is paid by cashier’s check or wire. Total closing costs and cash to close are different lines. Cash to close is the money the borrower actually brings.
Do Owner-Occupied and Investment Refinances Get the Same Paperwork?
No. Loan purpose decides it. An owner-occupied super jumbo refinance gets the standardized Loan Estimate and Closing Disclosure. A non-owner-occupied rental refinance is a business-purpose loan, and those loans are exempt from the consumer mortgage disclosure framework. The exemption traces to RESPA’s coverage rules.
The fee categories look alike, but the fee sheet can be laid out differently. An investor refinancing a rental should ask for an itemized fee sheet up front and compare it line by line against any competing offer.
Occupancy also changes the ladder. Second homes and investment properties each take their own leverage ladder, and the figures differ from the primary residence in each band. Take every number from the right occupancy’s ladder. Don’t back into a figure by subtracting from the primary-residence number.
How Does Cash-Out Change the Cash Needed?
Cash-out raises the cost in two ways. It increases the balance, so percentage-based items grow. And on title, extra coverage above the prior policy can be priced at the standard rate.
Cash-out can also offset cash to close, since proceeds fund part of the costs. The limits are real. On the portfolio program, proceeds are unlimited at or below 60% LTV, with a cash-in-hand cap above 60%. The bank program has no published cap. On a primary residence, cash-out leverage steps down as loan size rises, with the tightest limits in the highest bands and files at the top of the range on review. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
So a borrower cannot count on the proceeds to cover reserves at the top of the ladder. Lendmire’s article on how much liquidity a super jumbo bank statement loan requires walks through that. Tax treatment can depend on how the funds are used and how the property is held. Borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
Can You Roll Costs Into the Loan?
Often yes, on a refinance. Costs financed into the balance lower cash to close. They also raise the loan amount and the LTV. On a file already near the ceiling for its band, financing costs can push the loan into a lower-leverage cell or over the ceiling. Run the loan amount with costs included before choosing this route.
A borrower who plans to hold the loan for years should weigh that carefully. Financing closing costs means paying interest on them for the life of the loan.
What Does the Investor Decision Look Like?
Start with the break-even. Add the one-time costs, then ask how many years of savings or benefit are needed to recover them. A refinance that lowers the long-run cost pays back only if the investor holds past the break-even point. A refinance done to pull equity for the next purchase is judged differently, because the use of proceeds matters more than the cost savings.
Check these before applying:
1. Confirm the occupancy and the loan purpose, because they set the ladder and the paperwork.
2. Gather 12 or 24 consecutive months of statements, and the accountant’s expense letter if one will be used.
3. Check any existing loan for prepayment terms, since a payoff cost is real cash at closing.
4. Ask for two fee sheets on the same loan, one with points or credits and one without.
5. Add cash to close and reserves for the full liquidity figure.
Which programs a file fits matters too. If it sits at the edge of a band, a few points of leverage can change the answer. A broker who sees several programs can compare the fit before you commit to a fee sheet.
Key Terms Defined
Cash to close: the actual money a borrower must bring to the closing table, after credits and proceeds.
Total closing costs: the upfront costs of the loan, not counting the down payment or reserves.
Lender credit: a reduction in closing costs paid for through pricing or a higher balance.
Reserves: liquid assets held after closing, required in months of payment by program and loan size.
Reissue discount: a title insurance discount when the property was insured recently.
Super jumbo: a loan above the size where a lender applies tighter overlays, defined by lender and program.
Frequently Asked Questions
Is there a standard percentage of the loan I should budget for closing costs?
No program-wide percentage applies to super jumbo bank statement files. Generic ranges online mix conforming, jumbo, and consumer-lender products, and they conflict with each other. Build the total from the individual fee categories and ask for an itemized fee sheet on your specific file.
Do bank statement loans cost more to close than other jumbo refinances?
The fee categories are the same. The difference is in documentation and review effort, which rarely appears as a separate line. Pricing choice and loan size usually move the total more than the income path does.
Can I finance the closing costs into the new loan?
Often, on a refinance. It lowers cash to close but raises the balance and LTV. On a file near the ceiling for its band, that can change which leverage cell the loan falls into.
Are prepaids and escrows part of the closing costs?
They are part of the cash needed, but they are not lender charges. They include interest to the first payment, taxes, and insurance, and they move with the closing date and tax calendar. Reserves are separate again.
Does an investment-property refinance use the same fee disclosures as a primary residence?
No. A non-owner-occupied rental loan is a business-purpose loan, and it is exempt from the standardized consumer disclosure forms. The fee categories are similar, but the layout can differ, so request an itemized sheet.
Next Step
If you are financing a high-balance property on business or personal bank statements and want to see how the numbers work, Lendmire can help you compare super jumbo bank statement loan options based on your deposits, the property, credit profile, leverage, and your goals. Programs change, every file is underwritten individually through select wholesale programs, and nothing here is a commitment to lend.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage with consumer lending licenses in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending partners for borrowers whose tax returns understate their income, and each application is reviewed individually by the lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB – Compare Loan Estimates
2. CFPB – Sample Loan Estimate (PDF)
3. Cornell LII – 12 CFR 1024.5 (RESPA coverage)
This article is part of Lendmire’s super jumbo bank statement loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How a 5-Year ARM Super Jumbo Bank Statement Loan Works · How to Get a Super Jumbo Bank Statement Loan Without Selling Stock · Is a Super Jumbo Bank Statement Loan Available in Texas?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.