Doing this is perfectly acceptable and commonplace, but it is not a "no-cost" loan. When the term is used accurately (and honestly), it means that you do not pay the non-recurring closing costs out of pocket, and you do not add them to your loan balance. That may sound like a too-good-to-be-true scam, but it’s not.
But at that point, everyone’s too scared, and no one wants to do it. It’s only at market peaks, when people believe there’s no risk in the investment markets, that they think seriously about things like 100% home loans for investments. In the end, the reader’s strategy could be a very good idea, but with very bad timing.
No it’s not too good to be true. Chase came to me and lowered my interest rate from 5.40 to 4.12 with zero points or closing costs passed on to me. Chase worked the whole refi out in basically 2 weeks time.
No cost refinancing does in fact cost more – if the charges are wrapped into the loan, there is a larger balance to repay. That means the borrower is paying interest on the refinancing costs over the life of the loan. For example, $4,500 in closing costs amortized over 30 years at 4.125 percent costs the borrower a total of $7,851.
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Claims that you can skip payments or get very low interest rates or other terms that sound too good to be true may be signs of a misleading offer. Learn more about the signs of misleading refinance offers. Apply for your Certificate of Eligibility (COE). You’ll need to show your COE to your lender as proof that you qualify for the home loan.
No-Cost Refinance Mortgage Loan – No-Fee Refinancing – No cost refinance explained. To close a traditional refinance mortgage, you’d have to pay for things like the title search, title insurance, courier fees, flood certification fees, recording fees, attorney’s fees, etc.
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Warning: VA refinance too good to be true? If your current mortgage is a VA home loan, there’s a good chance you‘ve received unsolicited offers to refinance? Sometimes those offers seem too good to be true. And, guess what? They probably are.