No closing cost refinance loans, this is an excellent deal if you are you aren't planning to stay in the same home for very a long time. The trade-off when getting a no-cost refinance loan relative to an ordinary refinance is an additional 2% to 1% on the interest rate. If you're planning a longtime borrowing, this is a poor deal, very good for the short term; it can save you substantial amounts of money.
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Apply for no closing cost refinance loans from banks and other mortgage providers. Refinance loans without closing costs are slightly more difficult to be approved because of the lower up-front cost to the borrower. Compare the interest rates offered to you compared to those who have regular closing costs. These loans are not the same as "no-cost" refinance loans, which cover all fees related to the refinancing, including settlement fees for the original mortgage.
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Evaluate the loan agreement carefully. Look for other additional costs besides closing costs that may make the refinancing loan less attractive. Just because the loan has no closing costs attached to it doesn't mean that there are no settlement fees, appraisal fees or other additional costs. Check specifically for terms, such as loan origination fees, which can add 1 percent or more to the total cost of the mortgage.
If you are considering a No Closing Costs Refinance take a moment to educate yourself and see if these loans are right for you. By investing just a few minutes of your time to study.