Save Money with a Low Rate No Closing Cost Mortgage Refinance Loan

A refinance home loan with no closing costs is one in which lenders bear all charges for closing costs that may be in the form of lender’s fees, title and escrow fees, credit report fees, appraisal fees and such other expenses that might arise during the term of the loan.

Why Should You Get A No Closing Cost Refinance Mortgage Loan?

Currently, interest rates offered for mortgage refinance with no closing costs are at record lows. Apart from the fact that there are no closing costs, lenders may also waive charges for loan processing and underwriting processes. Thousands of precious dollars can be saved this way and so, lure of refinancing looks attractive.

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Does Getting Refinance Home with No Closing Costs Make Sense?

You could make the most out of getting a low rate loan for home refinance with no closing costs if you plan to keep staying in your house for a longer time. Alternatively, you may also consider obtaining a loan of this type if you intend to renovate your home. Such a prerogative will be better than getting a home equity loan or credit line.

mortgage without closing costs

Refinance Mortgage Loans With No Closing Costs – How They Work?

Typically, closing costs are a combination of appraisal fees, processing charges and several other service fees. Usually, closing costs account for 2% to 5% of the total loan amount and these are required to be paid upfront by borrowers. However, while securing a low interest rate home mortgage refinance no closing costs loan, you do not have to pay these costs.

Learn How to Refinance Home Mortgage No Closing Costs In 5 Easy Steps

To refinance your home with no closing cost, it could be vital for you to follow the below mentioned guidelines.

  • Contact at least 4 to 5 reputed lenders and also don’t forget to get quote from your existing mortgage lender. Look for referrals and visit government websites for state-licensed lenders.
  • Obtain free non-binding quotes from conventional as well as non-conventional refinance home loan dealers. Ask for Good Faith Estimate (GFE), which is a 3 page document, provided by loan dealers.
  • Compare free refinance mortgage bad credit no closing costs proposals secured from different lenders by using an efficient online comparison tool. This will enable you to identify the right lender.
  • After you have chosen a favourable lender, negotiate interest rate and terms for finalizing a deal. But before you sign an agreement make sure that you read fine print of contract document.
  • Prepare and furnish the essential paperwork to the lender for obtaining an early approval. Lenders may even demand explanations regarding your current financial situation, so keep a write up ready.

Refinance Mortgage without Closing Costs - Explore Your Reasons

  • To take advantage of lower refinance mortgage rates that ensure low monthly payments.
  • For cashing out equity built up in homes when most urgently needed for any type of purposes.
  • To combine first & second mortgages so as to convert into one single mortgage.
  • For eliminating need to get mortgage insurance and thus, save money.
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Understanding Our Mortgage Refinance without Closing Costs - Here’s What Is Covered
  • Credit report & appraisal fees
  • Courier expense fees, escrow fees & recording fees
  • Home title Insurance charges
  • Flood certification and monitoring fees
  • Loan documentation charges & origination fees
  • Notary charges & points fees
  • Re-conveyance tracking fees
  • Service fees & wire Fee
Mortgage Refinance Loans with No Closing Costs - Here’s What Is Not Covered
  • Flood insurance premiums (if required), Impounds & Interest
  • Homeowner’s (hazards) insurance premium & owner’s title policy
  • Grant deeds & associated notary as well as recording fees
  • Mortgage and transfer taxes & real estate taxes
  • Private mortgage insurance premiums (if required)
  • Reserve (or escrow) funds for property taxes and homeowner’s insurance (if required)
  • Structural pest control, roof, or other inspections
mortgage loan no closing costs
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