A no-closing-cost mortgage may sound too good to be true. But if refinance rates are favorably low – yet scraping together the upfront fees is discouraging you from refinancing your mortgage.
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No cost refinance options tend to have higher interest rates – a way for the lender to recoup some fees. So, instead of a borrower paying closing costs up front in a lump sum, you pay a little bit extra over time.
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. Whether its in the form of closing costs, original fees, or a higher rate. A no closing cost refinance will usually come with a higher interest rate to make up for the lost costs.
While the fees of refinancing are not as extensive. Make sure there are no issues prior to applying for a refinancing loan. Look for mortgage rates and the terms on loans that will allow you to.
Altius Mortgage Group offers the no-cost refinancing option.. having to pay out- of-pocket fees needed at closing in exchange for a higher mortgage rate.
Current 15 year mortgage rates today from IBC Bank are the best deal at 4.00 percent with no points and the same $1,258 in fees. 30 year conforming mortgage rates from IBC Bank are at 4.75 percent with zero points and only $1,258 in mortgage fees.
Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, discounts points and loan origination fees) to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR.
Extra Costs of a No-Closing Cost Refinance Sometimes, the mortgage company will charge you a higher interest rate if you waive the closing costs. So, you might get a 3.5 percent interest rate if you pay closing costs, but a 3.9 percent rate if you don’t.
A simplified online application makes it easier to apply for home loan refinancing with Wells Fargo. Use our mortgage payment calculator to find your rate.
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