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Hi, I’m Anthony Garcia with Bills.com. In this video I will discuss no cost and low
cost mortgage refinancing loans. Many people look for no-cost mortgage refinance
loans if they want to avoid paying any up-front costs. Getting a low or no fees on a refinance
loan is particularly important if you plan to get another loan in the future, or if you
don’t plan to live in your home for the lifetime of the loan.
Unfortunately, a no-cost mortgage or a no-cost refinance loan isn’t always cheapest solution,
lenders often raise the interest rate on the loan, to off-set the lack of up front fees.
There are three types of no cost mortgages: The First, no points, but you pay lender fees
and third-party fees Second, zero lender fees, but you pay third-party
fees Finally, no cash up front, but all the fees
and costs are bundled into the loan’s interest rate.
A couple points to consider, for those who plan to stay in their homes for more than
five years and don’t plan to refinance again. The best bet is to save up the money to cover
any potential closing costs and fees on your mortgage and focus on getting the lowest interest
rate and APR possible. If you don’t plan to sell or refinance in
three to five years, and your closing costs are less than the additional interest rate,
then it’s worth it to pay the closing costs up-front.
No-cost mortgage refinancing is a popular way to take advantage of falling interest
rates. Just be sure to refinance to a lower rate and pay the closing costs before that
additional interest starts to add up. You can find these types of mortgages here
on the Bills.com website and we can connect you to several no-cost mortgage lenders. Click
on the get a rate quote now to start the process and find your rate.
Thanks for watching us here at Bills.com where we’re helping people save money every day.