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No Closing Cost Refinance  

                                         

It might be overwhelming when you are thinking about refinancing your home mortgage, because you might not think you will be able to cover the closing costs. There are options out there for people like you, and you should really look into it and discover what you can do to get a no closing cost refinance. 

 

If you have been thinking about getting a mortgage refinance, now would be a good time because of how low the interest rates are. Talking to a lender will help you realize that there are a lot of different loans out there to meet your needs. If you have a poor credit mortgage, or if you need one, mortgage refinancing might be a good idea for you so that your payments can be lowered. In a typical refinancing situation, there are closing costs similar to the closing costs when you got your first mortgage when you bought your home. There are some expenses that go to the lender, some for the title company, and some for the appraiser.  

 

If you feel that you are in a situation where you will not be able to make the closing costs, there are some ways that you can refinance without them. Sometimes if you use your current lender, they could do the loan for you and not charge the closing costs, but will just offer you the lower interest rate and new terms. They will sometimes do this for you so that you will continue to do business with them and use them as your lender a second time. Another choice for you is to increase the loan to an amount that is just enough above the payoff so that it will cover the closing costs for you. In other words, you will be refinancing the closing costs as well, but with a low enough interest rate, it will be worth it not to have to come up with a chunk of change right away.  

 

If the lender is going to pay the closing costs for you, you will not have to bring anything to the title company to sign the documents. Sometimes if the lender does this for you, they may charge you a higher interest rate so that they can roll the closing costs into the mortgage payments. This might sound like a trick, but could really save you some money if you have to refinance. 

 

Perhaps you have poor credit so you will not be able to qualify for a refinance like you thought, but there might be some similar choices with a bad credit loan.