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A no-closing-cost mortgage may sound too good to be true. But if refinance rates are favorably low – yet scraping together the upfront fees is discouraging you from refinancing your mortgage.
What is a no Closing Cost Rate/Term Refinance? A no closing cost rate/term refinance is when the lender gives a credit at closing to offset any closing costs. In a no closing cost refinance, the borrower will agree to take a higher interest rate in exchange for this lender credit.
If you bump that up to 5.5% (because you’ll pay no closing costs), the payment would change to $1419.47. For how many months is it worth paying that extra $77.42 per month? It will depend on how much the closing costs are, and how badly you want to keep the cash in your pocket.
Mortgage closing costs are unavoidable. Getting a mortgage isn’t free. Before you get those house keys, you’ll go to the closing table to sign loan documents and paperwork that transfers.
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No Closing Costs Home Loan The No Closing Costs 5/5 Adjustable Rate Mortgage provides flexibility and stability as a first-time homeowner or as a current homeowner. Your housing mortgage rate can only change once every 5 years with a maximum adjustment of 2% and the maximum cap is 5% over the life of the loan!
The bill for closing costs is the final hurdle between home buyers and their new homes, and it can represent a surprising chunk of money. Closing fees run between 3% and 6% of the mortgage; that.
Our study shows closing costs as a percentage of median home value by county. To calculate closing costs we assumed a 30-year fixed-rate mortgage on each county’s median home value and a 20% down payment. We considered all applicable closing costs, including the mortgage tax, transfer tax and both fixed and variable fees.