What is a No-Cost Refinance?
Alternatively referred to as no-fee refinance, and no-cost mortgage, a no-cost refinance is a refinance transaction with minimal or no closing costs. In the process of closing a traditional refinance mortgage, borrowers are subject to fees for title search, title insurance, courier fees, and even flood settlement costs. While these typical refinance fees can amount to thousands of dollars, no-cost mortgage refinances require that the lender pays the upfront expenses without the cost of enlarging your mortgage’s principal balance. The lender typically recoups these expenses over the life of the loan.
Evaluating a No-Cost Refinance
Determining if a no-cost refinance is for you requires some evaluation of your circumstances. Lord Mortgage provides a free, no obligation analysis to determine if refinanincing your loan makes sense for you. The report will show the interest you could save by lowering your term, the rate you could get without paying closing costs or if you can lower your monthly payment. Fill out this form to request your free, no obligation refinance report today.