No Closing Cost Refinance – Zero Closing Cost Refinance. Refinancing your mortgage is a way to potentially lower your interest rate and monthly mortgage payment, switch to a fixed-rate refinance loan or use a portion of the available equity in your home to finance major expenses.
With a no-cost refinance, you usually will not be required to pay anything up-front. The closing costs usually associated with refinancing are settled by the lender. *The following is only general information and will not apply to every person’s situation.
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On most refinances you can choose to have your lender pay for all your Non-Recurring Closing Costs. This is often referred to as a No Points No Fees (NPNF) Refinance. In order to get a No Closing Cost Refinance you will need to accept a slightly higher rate than a normal No Points mortgage. Usually about.250% to.500% higher.
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No-Cost Mortgage Benefits. When it comes to comparing mortgages involving closing costs with no-cost loans, the amounts must be adjusted to reflect the cash needed at closing equally. In other words, if there is a difference in mortgage costs between the two options of $4,781, the no-fee option will have an amount that is lower than $4,781.
On a no cost mortgage refinance, the lender foots the bill for these expenses without increasing your loan balance. There will be some costs, however, that the lender won’t cover. Typically, a no cost refinance lender won’t pay amounts associated with prepaid homeowners’ insurance, escrow fees, prepayment penalties on the old mortgage, or prepaid interest on the new one.
The appraisal fee cannot be paid for by the lender or broker. True No closing cost mortgages are usually not the best.
By the end of 2014, some home owners locked into 30 year fixed rates below 4% with no closing costs. The zero cost refinance carries zero risk. If interest rates fall, borrowers can refinance again at no cost. What about extending the term back to 30 years? I don’t want to go back to 30 years every time I refinance.