When you are looking to refinance your current mortgage, keep in mind their is a no closing cost option.? Lenders that offer a no cost refinance option can truly give you a no cost refinance on your mortgage.? Keep in mind that the lender has to do something in order to charge absolutely no costs.
How A No Cost Mortgage Refinance Is Possible
A lender doesn?t just decide that your mortgage can have absolutely no costs, because there are costs that are involved in a mortgage refinance.? The appraisal, title search, credit report, etc. are just some of the typical costs.? In order for the lender to give you a no cost option, they have to give you a lender credit to cover all the costs.? Typically, the lender credit comes with a slightly higher interest rate.
An example of a no closing cost option:
Option 1:? An interest rate of 3.5% and total closing costs of $2000.
Option 2:? An interest rate of 3.875% and no closing costs.
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The higher interest rate allows the lender to give you a lender credit large enough to cover all of your refinance costs.
We see many homeowners looking to refinance take the no closing cost option, since many have refinanced their mortgage 2 or 3 times in the last 3 years and they don?t want to pay for costs again.? Also, the no closing cost option doesn?t require a break even point, because if you are not paying any costs to refinance, the savings of the refinance start immediately.
Source: http://transparentre.com/no-closing-cost-mortgage-refinance/
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