NO COST REFINANCE
A no cost refinance typically is a refinance where the closing costs are added to the principal of the loan so you pay nothing but enjoy a lower interest rate.
WHY NO COST REFINANCE?
REFINANCE AT NO COST FOR A LOWER RATE
A no cost refinance means we cover all the cost to do a refinance for you. The way it works is we use lender credits based on your situation and apply these to the applicable fees. In some cases the costs may be added to the principal amount which could slightly increase your payment, but you’ll be refinancing for a lower interest rate anyway.
In some cases a no cost refinance can result in you skipping 1-2 months of mortgage payments. There are many factors with a no cost refinance to consider so contact us today for more info.
Pros of No Cost Refi
- More money stays in your pocket short-term
- Helps you save more money by avoiding your mortgage payment for 1-2 months
- Ability for more savings if you’re in the home short-term
Cons of No Cost Refi
- Can cost more if you’re in the home long term
- Possibly a higher interest rate than spending money up front
- All fees may not be covered up front depending on your qualifications