Can we have 0 closing cost for mortgage refinance in NY ? (Portland: tax, closing costs)

[Nancy2011]

I just did two years ago, and want to do again in case 15 years rate is below 3.50% eventually. However, the closing cost is so expensive. Can we find any agent or bank that offer 0 closing cost in NY ?

Thank you in advance.

[jakecastle]

I'm not certain this applies to NYC, but when doing a refinance, if your looking to have zero closing costs you would need to have them roll all the costs into your mortgage so you won't have any out of pocket expenses in the short term.

The cost of that option though is you are spreading out that cost over the course of many years and you end up paying a lot more in interest on those original closing costs.

[Nancy2011]

Originally Posted by jakecastle

I'm not certain this applies to NYC, but when doing a refinance, if your looking to have zero closing costs you would need to have them roll all the costs into your mortgage so you won't have any out of pocket expenses in the short term.

The cost of that option though is you are spreading out that cost over the course of many years and you end up paying a lot more in interest on those original closing costs.

yeah, plus mortgage tax is so expensive in NY, the closing cost is crazy here. My brother in Portland OR just did last week with the same bank, he paid only 900 in total for closing cost with the rate is about 3.5%. I hope that deal could be gotten here.

[bg7]

If you want to avoid the mortgage tax (which is a lot of money) on a refinance you can - you need to get the bank to "assign" your mortgage. As for the other closing costs however, they are hard to avoid.