No Closing Costs Refinancing Loans

Cambria Mortgage can Help With a No Closing Cost Refinance of Your Home.

All mortgage loans have closing costs includes title fees, the cost of title insurance, transfer taxes, recording fees, origination fee, lender fees, and other miscellaneous expenses.

But there are various ways to pay for them. With a no closing cost mortgage, the lender charges you a slightly higher interest rate. This allows you to pay the closing costs over time, versus up front, or by adding it to your loan balance. This option is ideal for homeowners who plan on living in the home a shorter period. A mortgage with closing costs usually

A low closing cost mortgage with a lender credit to cover some of the closing costs can also be appealing, but there are a few things that you will want to consider to determine if a no closing cost refinance is the best option for you.

Important Considerations for a No Closing Cost Mortgage

  1. How long do you plan to stay in your home before selling?
  2. How high is your current interest rate compared to today's rates?
  3. How many years are left on your current mortgage loan?

No closing cost refinancing is a good option to consider if you plan to be in your home for 2 to 5 years. Doing a smaller mortgage to navigate below a certain loan to value limitation may also be a good reason to choose a no closing costs mortgage. When you get a mortgage with no closing costs, recouping the closing costs is not an issue.  For low closing cost mortgages, you will divide your closing costs by your monthly savings to determine the break-even point at which you will recoup the closing costs.

Our licensed mortgage experts can explain everything you need to know about no closing cost refinancing in MN, CO, FL, IA, ND, SD, and WI.  If you are interested in finding out if a no closing cost mortgage is right for you, a Cambria Mortgage professional will analyze your situation and help you with choosing the best mortgage.

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