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zero closing cost refinance mortgage

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The closing costs on a refinance typically run about $4,000 for costs like appraisal, underwriting and processing fees. The good news: You can score a no-closing cost refinance. Read on to learn how.

It also can be a source of ready cash should you need it through refinancing or a home equity loan. and either loan can impose many of the same closing costs as a mortgage. These include attorney.

Lender-Paid Closing Costs And A Low Rate, Too. The 30-year mortgage rate averaged 4.17% in 2014 according to Freddie Mac. Rates are currently in the mid-3s. That means you can get most or all your closing costs paid for, and still have the full-closing-cost loan rate from just two years ago.

One has a rate of 3.75 percent with $3,500 in closing costs; the other has a rate of 4.25 percent, with no closing costs. Going with the higher-rate, no-closing-cost option runs $43.24 a month.

No Cost Refinance Disadvantages. That means the borrower is paying interest on the refinancing costs over the life of the loan. For example, $4,500 in closing costs amortized over 30 years at 4.125 percent costs the borrower a total of $7,851. If the costs are absorbed by the lender collecting a higher rate, there are obviously higher interest costs.

 · Gallery: Consumer Tools For Digital Cost-Cutting. A consumer with a $250,000 30-year mortgage and a 5.50% interest rate paying $1,420/month, wanting to lower their monthly payment, gets a new 30-year mortgage for $255,000, pays off the existing mortgage and has $5,000 for closing costs and tax and insurance escrows.

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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Why a no closing cost mortgage?* Purchasing a home or refinancing your existing one is easy with no closing cost options. At Lenox/WesLend Financial, we offer no closing cost mortgage options because we know the last thing you want to do after a home purchase or refinance process is spend more money.

Customers may get higher rate and cost at the closing table because brokers help customers to get best deals from many.

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No-Closing Cost Refinance: Is It Worth It? Share A no-closing cost mortgage refinance is when you refinance your mortgage and don’t pay the upfront mortgage refinance fees – often between $2,800 and $4,000 – in exchange for a higher rate or a higher loan balance.