No-Cost Refinances. Too Good to Be True?
Rent-to-own sounds too good to be true. For a small recurring fee. If the appliance breaks, most rent-to-own companies will repair it at no cost, or give the woman a loaner while she waits for it.
Ferreting out a Bernie Madoff type schemer is undeniably trickier than identifying a fly-by-night operator, but questioning returns that appear too good to be true and avoiding managers who are.
A no closing cost refinance seems a little too good to be true. In fact, it may be.. The truth is you’re going to end up paying something to refinance your mortgage. Whether its in the form of closing costs, original fees, or a higher rate. A no closing cost refinance will usually come with a higher interest rate to make up for the lost costs.
The Truth About No-Cost Mortgage Loans. Every time I recommend no-fee mortgages to our clients, I often meet the question how it is possible to purchase or refinance a house loan minus the closing costs. Of course, a mortgage without such fees seems too good to be true, and so many tend to be skeptical.
How good is your credit? A good mortgage broker can give you a ballpark figure on which rates you’ll qualify for based on your credit score. If you can’t qualify for a lower rate, a refinane is less likely to benefit you. Make sure you know what rate you need to get on the loan term you want in order to make refinancing worth the cost.
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Too good to be true? No cost refinancing refers to a loan program in which a homeowner refinances the remainder of their mortgage balance without having to pay any fees or closing costs upfront (at closing). Upfront, is the key word.
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"No cost" refinancing doesn’t have a universal definition. In fact, the term "no closing cost refinance" has several common interpretations: A loan with no lender fees. A loan with no costs at all. A loan with no out-of-pocket costs. Any time a lender pays costs for the borrower, the money comes from another aspect of the transaction.
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As the expression goes, “if it is too good to be true, it probably is. and many of them charge a service fee for something you could have done by yourself at no cost. While organizations are trying.