I currently am unhappy with my mortgage company and would like to refinance. I was wondering if there was a way for me to refinance and not have to pay closing costs or any extra fees? I want to keep a fixed rate, I currently have a rate of 6.5%. I do not want a higher rate or have to roll closing costs into my payment. I just want to be able to refinance somewhere different and not have to pay anything extra. I was wondering if this was at all possible :)
2007-12-08 13:36:23 · 5 answers · asked by DA 2 in Business & Finance ➔ Renting & Real Estate
Hey James –
6.5% is a bit high for the current market. Currently, 30 year fixed rates are right around 6.125% for 0 points. Since I don’t know much about your particular situation, it’s really difficult for me to gauge if a refinance would make sense for you.
You’ll really need to speak with a banker who will ask you questions about income, assets, credit and your current loan and property. There’s never any obligation for a banker to go over numbers for you and a good one will tell you when it makes sense and when it doesn’t.
Keep in mind that rates change daily and you should never accept any pre-payment penalties.
I'm including a link for today's interest rates. If you’ve got more questions, I’m always available!! Best of luck!
2007-12-12 09:38:46 · answer #1 · answered by Quicken Loans 5 · 0⤊ 0⤋
Such, happens ALL the time in dreams. Reality is that you are wanting another lender to use thier time, effort, personel, money, to do an apprasel on your property, waste thier time pulling a title history, research your credit, put their money on the line for your benefit AND to do all this for FREE just to help you out. That soulds REAL easy. Would you work for FREE???
You MAY find a lender who will TELL you "no cost refi" but what they are realy saying is there is NO "cash required at closing" but all the real fees that MUST be paid are paid by them and they overcharge you for fronting the cash and they roll this into the principal part of the loan and force you to pay it back WITH INTEREST over the life of the loan.
2007-12-08 13:44:50 · answer #2 · answered by Jerrold J 3 · 2⤊ 0⤋
Not really. Most of the expenses you will incur in a refinance are those costs required to procure the mortgage for yourself, along with the commissions charged by a broker for getting you the same. These folks aren't going to work for nothing.
2007-12-08 14:11:58 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
usually not. most banks will ask you to at least pay for the appraisal or some kind of application or closing fee. If its not one fee they get ya with- its another.
cheapest i ever heard of anyone refinancing at was around $300. But if you have good credit , good payment history and your home is worth the amount you owe on it -definately ask, there is alot of banks that can waive one fee or another to help reduce the costs. basicly if they are willing to do what they can to get your buisness. Just keep calling around- present the situation and say your only interested if they can do it at zero cost, dont let them pull a credit report, try contacting the banks or mortgage lenders directly- by contacting a broker- they have to charge something cause its usually part of their commission.
2007-12-08 13:49:17 · answer #4 · answered by mary h 4 · 1⤊ 0⤋
sure, yet as quickly as I refinanced approximately 5 years in the past they permit me roll the last expenditures into the refinanced own loan so we paid 0 out of pocket. i'm not sure in the event that they are going to allow you are trying this now, thinking the present own loan environment. The cost of paying the last expenditures is why that's often no longer counseled to refinance till your activity fee would be dropping by ability of countless proportion factors.
2016-10-01 04:52:34 · answer #5 · answered by glassburn 4 · 0⤊ 0⤋