Is A No Closing Cost Refinance The Best Option For You? – New Florida Mortgage

Is A No Closing Cost Refinance The Best Option For You? – New Florida Mortgage

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A mortgage refinance occurs when you obtain a new mortgage to pay off your old one. Usually this results in your paying a lower interest rate or changing other terms of your mortgage into terms that are more favorable to you. A no closing cost refinance mortgage is a type of refinancing that does not require the borrower to pay any closing costs.

For example, if the refinance costs you $3000 in closing costs, but you’re saving $300 per month, then you’ll make back the cost of the refinance in 10 months. In the rare case that the new mortgage payment increases by 20% or more, the lender may ask for full income documentation.

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A no cost refinance is a loan transaction in which the lender or broker pays all settlement costs in exchange for a higher mortgage rate. While this type of offer is by no means a new concept, it’s definitely a subject worth visiting to ensure you understand what you’re getting.

Get a no-closing-cost mortgage and a low rate, too. 2018 – 9 min read 6 low or no down payment mortgage options for 2019. 2016 – 5 min read Best uses for your mortgage cashout refinance.

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If you want to get a no-closing cost refinance, you can compare options on Zillow. Make sure to filter your quote results to only show No points and No fees mortgage quotes. Make sure to filter your quote results to only show No points and No fees mortgage quotes.

As mortgage rates continue to hover near all-time lows, a no closing cost refinance could be the perfect way to refinance without paying thousands of dollars in fees, and still get an extremely.

The good news is that most lenders will allow you to roll the closing costs into the loan. This way you do not have to pay any cash up-front. How No Closing cost refinance loan Work. A no closing cost refinance seems a little too good to be true. In fact, it may be.. The truth is you’re going to end up paying something to refinance your mortgage.

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