No Closing Cost Mortgage Refinance

There Are Many Homeowners That Are Wanting To Refinance Their Mortgage But Can Only Do It If It Is A No Closing Cost Mortgage Refinance

So many people want the savings of a lower interest mortgage but need a no closing cost mortgage refinance for it to happen. There are not as many options for a no closing cost mortgage refinance like there used to be. But there are still some creative ways on doing a mortgage so that it is very similar to a no closing cost mortgage refinance.

Many people want a very low mortgage rate refinance and to pay no costs for the mortgage. What they don’t understand is that you can’t have best of both worlds because they do not go hand in hand. No one will do your mortgage for you and not make any commission that just doesn’t make any sense.

If you want a low mortgage refinance interest rate you can not expect to have a no closing cost mortgage refinance. This is because the lower the rate goes the less commissions the broker will get paid. So intern the more they will charge you in closing costs to counteract the small commissions. Also the opposite is true if you are paying a rate that is not that competitive you are probably going to pay smaller closing costs on the loan.

For most homeowners they have to figure out what saves them more money. Sometimes it is worth it to pay a large amount of money upfront if you are going to have very big savings for many years to come. But sometimes the savings are so minimal that it is much smarter to just pay really small closing costs and get a slightly higher rate. The decision has to be made by the homeowner to decide which one works best for them. Most people meet somewhere in the middle between rate and closing costs.

The only other option for homeowners that are looking for a no closing cost mortgage refinance is to roll the closing costs into the loan. This means that you are not paying anything at close but you are going to add these expenses to the principal of the loan and pay interest on them so in the long run you will land up paying larger closing costs.

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