Are there any refi's done without fees?
I hear ads all of the time for no-cost refinancing, but every time I call one of these companies, there are costs involved!
Answers | 3
Yes there are definitely "no-cost" refinances. You will ALWAYS see fees but the key point is whether or not those fees are simply being "rolled into" the new loan amount, or if you are receiving a true lender credit for the costs. Feel free to contact me if you'd like to discuss further.
When I do "no closing cost loans", the costs ARE disclosed to my borrowers (as required by federal law), but are then offset by the lender credit. Yes, the rate on these may be 1/8th or 1/4% higher than "borrower paid closing cost" loans, but in many cases, it makes more sense to not add to the loan balance, especially if the monthly payment is marginally less, compared with the amount of the credit. Most questions? Let me know, I write loans nationally. Hope that helps,