Author Topic: refinancing my home loan  (Read 243 times)

Offline 101Upfor

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refinancing my home loan
« on: November 24, 2013, 11:56:10 PM »
Is it a clever decision to refinance my home loan these days? Is a no-cost refinancing possible?
« Last Edit: November 24, 2013, 11:56:10 PM by Guest »
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Offline 101Yau

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Re: refinancing my home loan
« Reply #1 on: November 25, 2013, 12:08:31 AM »
I believe that currently, some lenders are promoting “no-cost refinance” mortgages, in which up-front fees or out-of-pocket expenses are waived. I read much about those details wherein you don’t have to s* out for closing costs, which can be substantial. They generally range from 1.5 to 2 percent of your loan balance (meaning it would cost $3,000 to $4,000 to close on a $200,000 mortgage). The application, title search, and credit check or appraisals are all complimentary. However, there are also the cons. Nothing is absolutely free when it comes to financing, you may be hit with a higher interest rate (anywhere from 0.125 to 0.5 percent more) than you would get if you paid closing costs, or you may be *essed a higher loan balance if the fees are added to the prin*l. Sign on the dotted line, but only if you don’t have the money available to cover the costs. If you can afford to do so, paying the fees yourself is the better option. Take note that a higher interest rate will ding you more over the long haul which you no longer have something to do about but pay.
« Last Edit: November 25, 2013, 12:08:31 AM by Guest »
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