mortgage refinance with no closing cost?

There are many lenders who offer no-cost mortgage loans. However, before you take such a loan it is best to learn about the different costs involved in taking a mortgage loan.

Basically you have three types of costs:

1. Interest rate:

2. Bank fees: origination points, discount points, application fees

3. Third party fees: Title, appraisal, prepaid interest, escrow payments.

It is very difficult to compare the costs of a mortgage loan. The overall cost will greatly depend on how long you keep the loan. For example, you will continue to pay interest as long as you keep the loan. If you sell the house after say 7 years, then you will stop paying interest. However, the bank fees are paid upfront, so if you pay off the loan very quickly, that will make your overall financial costs more expensive.

When looking for a no-cost loan then see exactly what is included. Are all the costs paid by the lender? Or are the costs rolled into the new loan? Carefully check the difference in the interest rate and fees versus the overall principal of the loan offered and interest rate. For more information, I recommend that you read the Bills.com article http://www.bills.com/no-closing-cost/ .

We just got an offer last night from Citi for a no closing cost refinance deal. They are our current lender, and I'm assuming this offer is government-backed. Here is a calculation of what we would save: http://www.diypics.com/mortgage-refinance-deal-or-...

You may want to call your current lender to ask if they are have any government backed programs.

Any company can give you a no cost refinance. It's no secret that in order to do so, you take a slightly higher interest rate to offset the fees. This may or may not be a good idea depending on your long term goals. Speak to a qualified loan officer. The best rates you will find are at http://wefixrates.com/ they are offering no cost refinances at 4% APR.

It's a brand new loan, there has to be some fees = you will for sure need an appraisal and the difference in the property tax; maybe some title fees

~ most lenders will be able to roll the cost into the loan. And you can easily get a loan without broker fees, it just means that you have higher interest.

Thats no longer a undesirable proposition, yet you ought to evaluate looking a private loan without factors. that could have an activity cost somewhat greater, however the element is a sunk cost. If the indoors maximum loan without factors is a million/8 p.c. greater activity cost, you would be earlier than the activity on a money flow foundation for the subsequent 8 years. And in case you establish to bypass in that element, you may have saved money.

Careful with companies that offer this.

They will have hidden costs or charge a larger interst rate.

They always get their money. No one is going to do this for free.

You would have to go through your current lender for that. No new lender is going to have no costs.

Waiting on more opinions before I post my opinion