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Can I get a no cost refinance?

I have a home at 5.625% with an LTV of around 75%, home's worth 225k. If I got a refinance and plan to move within a couple of years, should I get a no cost refinance? Credit's the same as when I got the home, 712. by jordan_656_255 from Louisville, Kentucky. Dec 14th 2011 Reply


Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

No Closing Cost Mortgages in Kentucky No Cost loan program there are no points, no origination fee or loan-related costs of any kind, guaranteed. All closing costs including appraisal, credit report, lender fees, settlement fees, title insurance, recording fees, courier fees and any others are paid Kentucky Mortgage Lender. These costs are not "rolled into" your loan balance. You will not be surprised by hidden costs at closing. We Pay These Mortgage Fees so You Don't Have to: Origination fee Appraisal fee Application fee Attorney fee Title insurance fee Recording fee A No Cost loan Kentucky Mortgage can result in bigger savings and better results for you, but remember that each borrower's needs and situation is unique. A No Cost loan may not be your best mortgage solution. The No Cost loan program is not available to all borrowers or on all loan programs. What's the Catch? No catch! There is a trade-off which you need to make sure is to your advantage. The rate on a No Closing Cost loan is slightly higher than the rate on other loans. Because the loan has a higher interest rate the lender pays us a commission. We use this commission (called the yield spread) to pay all the loan-related costs. Since we are paying all the costs we are motivated to keep loan costs as low as possible and operate very efficiently, which in turn allows us to offer you lower rates. How do I Know if a No Cost Kentucky Mortgage is Right for Me? Do you know anyone who has paid off a Kentucky mortgage? Consider how frequently you or your neighbors move. The national data shows that the average age of a loan at the time of refinance is 3.2 years. If you pay loan-related costs with a normal mortgage and then refinance or payoff your loan in less than 6 years, you will be throwing money away. To decide whether a No Cost loan is right for you, the first and most important question is what do your long term plans look like? Will you be in this home another 5 - 6 years? If rates drop will you have this mortgage for another 5 - 6 years? The truth is that interest rates change as often as stock prices. Interest rates follow the bond market and can change just as rapidly. In the last year the mortgage market has changed more than a full point. Our customers who did No Cost loans at the beginning of the year were refinancing to lower rates by the fall. Some of our clients have refinanced numerous times at no charge. Had they paid points or closing costs, they would have lost that money because rates dropped. Paying costs can be like flushing money down the drain. We have clients that refinanced 5 times -- had they paid closing costs, they would have lost over $19,500 by now. Fill out my free mortgage application below to see if it makes sense for a no closing costs mortgage loan in Kentucky today!~Web Reference: http://mylouisvillekentuckymortgage.com/

Aug 24th 2012
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

Call me at 502 905 3708. I would to discuss this with you. My website is www.mylouisvillekentuckymortgage.com. Email. Kentuckyloan@gmail.com

Dec 14th 2011
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Brian Curl (brianleecurl)
#9 ranked lender in Kentucky - 22 contributions

Jordan, it is possible to do a very low or no cost refinance if you get an experienced lender that can structure a good deal for you. Also, an upfront lender that will tell you the reality - you can't get the lowest rate with no costs, so in other words, your rate will be slightly higher than the national averages if you want a true no cost loan. The slightly higher rate allows the lender to pay closing costs to your with a credit. If you want to learn more about me and see my client testimonials, below is a link to my website. Also, if you apply securely on my website I will provide you with a free credit report and thorough mortgage analysis without any obligation. All of my contact info is on the site. Thanks.http://www.brianleecurl.com/home.html

Dec 14th 2011
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Brian Allen (ballen)
#43 ranked lender in Maryland - 191 contributions

Makes sense let me know what type of loan you currently have Conv, FHA, VA and I can get you a very attractive rate with no costs. I can reached at ballen@accessnational.com or by phone 888-354-3299

Dec 14th 2011
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Jamie McKeehan (Jamiem)
#34 ranked lender in Kansas - 32 contributions

Yes, you can. I have 100's of references and in this market it is possible, it still depends on what your goals are and what your looking to achieve. I havve 14 years of experience and I work for a Federally Chartered Bank (FDIC). Feel free to call me 816-309-0054 Jamie McKeehan

Dec 14th 2011
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Randy Raque (rraque)
#8 ranked lender in Kentucky - 7 contributions

Yes Call me it will take 5 minutes to take an application Randy Raque 502-645-0736

Dec 14th 2011
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Blake Kleckner (BlakeK)
#388 ranked lender in California - 257 contributions

You can get a no cost loan but the interest rate will be higher. You have to weigh this against a lower interest rate with some cost to see if it makes sense for you to pay for the lower interest rate. It all depends upon how long it will take you to recoup the cost with the lower interest rate. However, if you're planning on moving in a couple of years, it would be much more prudent to consider an ARM loan--perhaps for 5 years. Currently, if you lived in CA, I could write you a no cost $225K 30-year fixed rate loan at 3.875%, and a 5/1 ARM at 3%. The P&I payment at 3.875% would be $1,058/mo., and at 3% would be $949/mo., for a savings of $109/mo. It really depends upon how long you plan on staying in your home. If you stay for 4 more years and get a 5/1 ARM loan, you will save $5,232 compared to the 30F. But, alas, you do not live in CA so I can't do your loan. Check out a local mortgage broker in KY. You should be able to get about the same interest rates there.

Dec 14th 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,915 contributions

Same advice I give everyone. Contact a local LICENSED mortgage professional. Let them take a full application and professionally review your personal circumstances. A good loan officer will take the time to give you all the pro's and con's, and crunch all the numbers. If it doesn't make sense, they will tell you. If it does make sense, they will help you. Quoting rates and costs here, without benefit of a full application is a huge disservice to a client. Learn how to determine if your Loan Officer is Licensed here: http://mnrealestatedaily.com/?p=859

Dec 15th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

Absolutely... the best choice in your position is to do a no cost refinance. this way, from the very first payment, your saving money... Contact a local mortgage broker, not a bank, and apply with them.. they have access to many lenders and can choose the right match to your particular scenario.. WilliamAcres.com

Dec 15th 2011
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,823 contributions

There are several good answers here. If your plan includes the selling of the property in a couple of years, you may not have enough time to recoup the cost of the refinance, meaning it would probably be smarter to take the No-Cost route. If your move would include you keeping the home, say as a rental, then you would probably want to consider taking the lowest possible rate, meaning the cost of the refinance are rolled into the loan (or paid out of pocket by you). Either way, meet with a local Mortgage Banker/Broker rather than an employee of one of the big banks. Mortgage Bankers/Brokers are Trained, Tested and Licensed to ensure borrowers are working with competent Loan Originators. Bank employees are not required to be trained, tested or licensed. Check out the background of your selected Loan originator at www.NmlsConsumerAccess.org.

Dec 15th 2011
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