As you consider refinancing your home, you'll likely hear plenty about the 'no-cost' refinance. The truth is that there is simply no such thing as a no-cost mortgage. There are closing costs and fees for refinancing no matter what. The only difference is how those fees are paid.
In some cases the lender may pay the fees, but in exchange they'll charge a higher interest rate. You may be able to roll the cost of the refi into your new loan, but this will simply increase your principal. Sometimes it's worth it to refinance, and sometimes it's not, but no matter how you slice it, there is always a cost.
In some cases the lender may pay the fees, but in exchange they'll charge a higher interest rate. You may be able to roll the cost of the refi into your new loan, but this will simply increase your principal. Sometimes it's worth it to refinance, and sometimes it's not, but no matter how you slice it, there is always a cost.
RSS Feed