No Cost Refinancing Loan:
Mortgage Refinance Problems Addressed

When you refinance your home mortgage you have a choice. It is possible to either pay your closing costs up front or as an added percentage every month for the period of the home loan.

True No Cost Refinancing is the same as the free lunch, it doesn't exist!

They're called:

• No Cost Refinances
• No Fee Refinancing Loan 
• No Cost Mortgage Refinances
• No Cost Refi

All these names are exactly the same thing. A home loan refinancing option that has zero or minimal closing costs. 

Traditionally, closing a refinancing mortgage option means the associated costs like title fees, attorney fees, recording fees and so on have to be paid as a lump sum. It is worth noting that, in general, the refinancing broker will not pay any fees related to homeowners insurance, property pre-payment penalties, escrow and such like.

Initially a no cost refinancing loan appears to be offering free money. The reality becomes apparent when you start looking at the rate card. There will definitely be a higher interest rate on the home loan which obviously compensates the lender handsomely for paying the initial costs for you.

A no cost refinancing loan can certainly be worthwhile if you intend to pay off or refinance the loan in a few years time. Have a look at the breakeven point for the home loan; if you can pay off the mortgage before that point then go for the No Cost Refinancing loan option otherwise you end up paying more money.

To make a more exact evaluation, consider the added tax benefits of the higher interest rate, as well as how your savings income might be affected by paying the closing costs upfront.

Naturally there may be other high roller considerations such as investing in the stock market where people need some cash in a hurry but for the majority of people planning to live in their home for a long time then perhaps a No Cost Refinancing loan is not for them.

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