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I currently live in New York (long island) in a single family home. I am think i refinancing my home in order to get rid of paying for PMI
Are there any banks out there offering no closing cost refinance loans?
Kyzer.
Many are. When shopping tell them you want a rate that has a lender credit. If you get a no cost, you are not going to get rock bottom rates. But, this week, rates have dropped to new lows. I set a new (personal) new loan app record yesterday. It's nuts. In another week to 10 days, log jams will be common.
When you are doing a refinance, you can roll the closing cost into the loan and not pay anything up front. Some lenders will market that as "no closing cost". However, you're always going to have closing cost with every loan.
It's perfectly fine to refi rolling the costs into the loan if you can't afford to pay them. Rates are so low now, if you have decent credit, it's still a great time to refi. Don't listen to these people who say you won't get rock bottom rates. So what if you get a great rate and can do it?
It's perfectly fine to refi rolling the costs into the loan if you can't afford to pay them. Rates are so low now, if you have decent credit, it's still a great time to refi. Don't listen to these people who say you won't get rock bottom rates. So what if you get a great rate and can do it?
Exactly. We just did a VA IRRRL a couple of weeks ago and went from 4.5% to 3.375%. Might the rates drop a bit now that the Fed has done their "emergency" cut of 0.5%? Maybe, but it was still a good choice to refinance.
Exactly. We just did a VA IRRRL a couple of weeks ago and went from 4.5% to 3.375%. Might the rates drop a bit now that the Fed has done their "emergency" cut of 0.5%? Maybe, but it was still a good choice to refinance.
If they keep dropping, go back to the well and refi again. As long as lender credits pay for it, no harm no foul.
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