If you’re refinancing a mortgage, a no-closing-cost loan allows you to spread out the closing costs by applying them to the principal or increasing the interest rate.
A no closing-cost refinance can help you reduce upfront costs. Learn how it differs from a typical refinance and if a no closing-cost refinance works for you.
A no-closing-cost refinance is a type of mortgage refinancing that allows you to avoid paying the upfront closing costs that usually come with refinancing. These costs include fees for appraisal, t...
Learn when a "no-cost" mortgage refi saves you money and when it actually costs you more.
With a no-closing-cost refinance, you don’t have to pay closing costs upfront. But it could be more expensive long term.
Wondering what a no-closing-cost refinance is? Learn more about how this type of refinancing works and if it's the right choice for you.
A no-cost mortgage is a loan where the borrower avoids paying upfront closing costs. Instead, they're added to the loan balance or charged via a higher interest rate.
Key takeaways ; Refinancing your mortgage includes expenses just like your original mortgage did, including closing costs. ; Opting for a no-closing-cost refinance can save you money upfront, but you'll likely get a higher interest rate in return. ; Shopping around and comparing offers from multiple mortgage lenders can also help secure a low-cost refinance.
Some of these costs include: ; Origination fee. This covers the cost of processing your loan and may equal 1% to 1.5% of your loan amount. ; Appraisal fee. An appraisal assesses the current market value of your home and may cost around $300 to $400. ; Survey fee. You might need to cover this cost to determine the boundaries of your property. It could run anywhere from $150 to $400.
inspection fee, mortgage points, upfront funding fees or mortgage insurance premiums. A... a no-closing-cost refinance, which means you pay little to nothing out of pocket. However, the...