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Can anyone do a nocost/no fee Refi

Looking for a True No-Cost/No Fee Refi with no out-of-pocket expenses. - Owner Occupied Single Family Residence - Current Mortgage Balance: $164K - House Value: $1M - Looking for a 30 year/fixed rate / no cash out / no impounds (i.e. taxes, insurance) - House Location: Los Angeles, CA - Husband/Wife with Credit Scores around 750 / can document incomeI know CashCall Mortgage is doing this kind of No-Cost/No-Fee Refi..... by lisa_g_767_838 from Los Angeles, California. Apr 18th 2012 Reply


John Schweer (johnschweer)
#10 ranked lender in Missouri - 163 contributions

Yes we can, give me a call and we can discuss your options....John Schweer | Sr National Mortgage Banker since 1998The Federal Savings Bank | 7900 College Blvd. | Overland Park, KS 66210Direct ? 913-730-9331 | Toll Free ? 877-788-3520 Ext 9331 | Mobile ? 816-517-5626 | Secure Fax ? 913-800-7876Email: jschweer@thefederalsavingsbank.com

Apr 18th 2012
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Chris Johnson (ChrisJ)
#352 ranked lender in California - 3 contributions

Contrary to some others here, I suggest you go to Cash Call. You sound like someone wanting everything for nothing and a lender should beg for the business. You'll probably shop the rate all the way through the process and beat on the lender to give you something better. I haven't spent my time educating myself, testing on national and state levels, passing background checks and staying on top of ever changing guidelines, laws & legislation to have to work with borrowers like this. Go to Cash Call and work with nonlicensed, uneducated order takers who originate from a Pay Day lender.

Apr 18th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Well, there is not such thing as a NO COST loan, you will pay in most cases with honest local mortgage brokers and lenders normal closing fee's which could range from 1-4% depending on loan size and state you live in. If you pay nothing then the broker/lender is just paying for those cost it out of the rate he gives you. If you are cash tight that is a good way of lower your rate, if not I would pay the normal closing costs out of pocket and get a better rate, which should work out better for you if you plan on staying in the home more than 3-5 years...

Apr 18th 2012
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They always have been available, it's just that the rates are low enough these days that even when we pay your fees you can still get a rate that more than likely is lower than your current rate.Call us for details310-275-8700/310-486-1195

Apr 18th 2012
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Lee Hoff (loansocal)
#611 ranked lender in California - 1 contribution

Absolutely. Please contact me at 619-752-2285 or by email at loansocal@gmail.com. Our website at www.loansocal.com will provide you with many obtions; interest rates, fees, and GFE's online.Best Regards,Lee Hoff

Apr 18th 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Lenders incur costs as part of your refinance transaction such as appraisal, titlework & closing. If they are not making you pay these expenses out of pocket or rolling them into your loan at closing, then they are building them into your rate. For instance, you could refi rolling the costs into your loan at 3.75%. If you don't want to add them to your loan, the lender will cover them all but charge you 4.25% instead. You're paying them either way. Just figure out which makes more sense which depends on the costs/rate difference between the two options.

Apr 18th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Ok... so this is where people get confused.. Mortgage brokers or lenders don't do loans for free... title companies don't insure loans at no cost.. The county wont record records without payment, appraisers don't appraise unless someone pays them... etc, etc, etc... So the fees are paid.. You're the borrower, so you will pay.. one way or another... you either pay the costs upfront, pay a higher rate and let the lender pay them, or finance them into your new loan, but one way or the other, you are paying the costs.. Make no mistake... . paying for it up front is a onetime fee.. paying for it in the rate spreads it out over the life of the loan (the more expensive option)... if you contact a competent mortgage broker, he should be able to show all 3 options, and let you decide which one works out the best for you... so best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 18th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,839 contributions

William is correct. Read my blog post at http://www.lender411.com/mortgage-articles/4145/What%26%23039%3Bs-The-Secret-To-A-%26quot%3BNO-Closing-Cost-Loan%26quot%3B%3F/ Here I dispel the myth about "No Cost" refinances. As a general rule, if you plan to be in the home for more than 3 years, the cheapest option is to take the best rate you can get and either pay the fees out of pocket or add them to the loan balance. If you instead pay the fees through the rate, you will end up paying more in extra interest than the fees you didn't pay. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Apr 18th 2012
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