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No Cost Mortgage Refinance - Interested in No Cost Mortgage Refinance?

How to Find No Cost Mortgage Refinance

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If you have an existing mortgage with higher interest rates, you desire to change from an ARM (Adjustable Rate Mortgage) to a fixed mortgage rate, or you intend to sell your home before there is time to break-even on the cost to refinance, a lender with the no cost mortgage refinance program could help. No cost mortgage refinance usually covers the expenses that the borrower pays normally when refinancing such as the lender fees, appraisal, title search, title insurance, and fees associated with closing costs. What is not covered usually are transfer taxes and governmental fees, fees required to be held in escrow for taxes and insurance, and per diem interest (interest that accrues on the loan from first day of loan to closing). Be aware that some companies offer a no cost mortgage refinance but in actuality are bundling the expenses and adding them to the loan. You may not pay any cash up front but you will pay for the expenses with interest in the end. Sometimes these programs look good on the surface but actually increase your interest rate to cover for the bank’s missing fees.

Here are some tips to find the best no cost mortgage refinance options:

If your ARM is rising or you would like to pay off your house in 15 years instead of 30, there are several options which might be of benefit to you. First, if you currently have a fixed 30 year mortgage, before you consider refinancing, considering increasing your payments. The nice part about a fixed 30 year is in most cases there are no penalties for paying off the balance early. If your payments are $800.00 per month but you can pay $1,200.00 per month, you could save $50,000.00 in interest just by paying $400.00 more per month. A rising ARM needs to be addressed and refinanced. Many people find themselves up-side-down because they can no longer maintain the rising monthly mortgage costs. National Mortgage Alliance offers mortgage opportunities in all 50 states plus D.C. You can call and speak with a Loan Advisor and receive at no charge a mortgage consultation (1-800-621-6588). National Mortgage Alliance is a company that believes in integrity, in helping people accomplish dreams, and in being honest with its customers. They will calculate your current mortgage situation and compare those rates/payments with what they can offer you. If it makes sense to refinance, the wonderful team at National Mortgage Alliance will help you through each step.

Joining your 1st and 2nd mortgages can significantly reduce the interest you will pay over the period of your loan and can actually lower your payments, particularly if your interest rates vary. Credit ratings are a factor and can prevent you from receiving the terms that would benefit you the most. There are FHA loan limits that vary by state on no cost jumbo mortgages. It is important to understand what your state’s requirements are. If you have a less than perfect credit score, the FHA home loans allow borrowers to refinance loans with 95% cash out. BD Nationwide Mortgage has a no cost or a low cost mortgage refinance program for people interested in a 30 year fixed rate.

There are lending companies that cover the closing cost and do not attach the fees on to the tail of the mortgage. This is a savings of $2,000.00 to $3,000.00. At Trace Capital Group, the broker pays the fees and they are not rolled into the cost of the loan. The nice part about this program is their guarantee that if the rates drop after you close on your mortgage, you can refinance again with no costs! With Trace Capital’s no costs, no points, no fees option, you have an opportunity to truly save your hard earned money.

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