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Hey folks, money is getting very cheap! Is there a true no cost loan on refi's? No app fee, no appraisel fees, no hidden fees? What are the best rates and terms anyone has gotten on a 15, 20 or 30 year loans? When I have called a few lenders they all ask what the house would appraise at, who knows. They all want a guess before proceeding. It's one thing if the "lender" will pay for app fees and appraisels, but if I have to shell out then it could become costly. With all the short and foreclosures in my town, it's hard to know what my home will appraise. Zillow and other sites just are not accurate in their numbers. Any info? One of the problems is finding an appraiser tha understands "my market". If I live in one lacale and the appraiser lives in another..........numbers just won't be realistic.
There really is no "no" cost loans. Every mortgage has closing costs! However, you can do a loan where the bank/broker pays the closing costs for you. They do this by giving you a higher interest rate then the par interest rate..in todays market a "no" cost loan is about 1/2 percent higher than if you paid the closing costs. But if you were only keeping the home for another year or 2, it woudl make more sense to have the lender pay the costs and you take a higher rate as long as that rate is less than what you are paying now.
At the end of the day, the consumer does end up paying the closing costs. They either pay upfront, or they pay over time in the form of a higher interest rate.
Also, you should never pay an application fee. If you are working witha company that charges an app fee, hang up and move on. They charge an app fee so if the loan goes bad or doesnt appraise for enough, they at least made money. Also, it only takes about 15 minutes to complete an application so i dont understand why anyone would pay a LO a few hundred dollars for that short of time.
Thanks Victor....I get the pay me now or pay me later. So much cheap money floating around, just hope to get the appraisel to make the deal. How long are appraisels good for?
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