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No Cost Mortgage Refinancing


If you have good credit, home equity and your interest rate is above 5%, chances are that you will benefit from no cost refinancing.  Qualifying for a no cost mortgage is not as easy as it was a few years ago.  For conforming, FHA and VA home loans you will need to document your income if you plan on qualifying for no cost mortgage refinancing.  Fannie Mae and Freddie Mac no longer allow no income mortgage refinancing so you will need to document your income if you want to qualify for a no cost mortgage.  For most of the conventional mortgage products you will need over a 700 fico score if you want to be eligible for the no cost mortgage refinancing incentives.

FHA and VA  have never allowed stated or no income mortgage options, so nothing has changed for income documentation requirements with government home mortgages.  FHA guidelines changed recently, so you will need good credit scores (0ver 640) if you work with a lender like Nationwide who offer no cost refinance options with the FHA loan program.

We continue to offer no point mortgage loans with most of our refinance programs.  With no point refinancing, a borrower will have no origination fees, but the 3rd-party lending fees like title, escrow and appraisal will be the borrower’s responsibility.  In most cases we can offer home refinancing with no closing costs out of pocket.  With mortgage refinance rates so low and no cost refinancing incentives, we strongly recommend taking advantage of our discounted loan refinance.

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Husband and I are 53 years old with 1 child who is 14. Can you advise about interest only refinance on our home? Can we still qualify for an equity loan if we have no equity? […] No Cost Mortgage Refinancing | Nationwide Mortgage […]


I have 5/arm at 6.75 percent. Im looking for a mortgage refinance loan with a lower rate only no cash out. Decent credit apprasial has no equity. Single family home. B of A will not negotigate because I have always been current w/ payments. Is their someone out there that can help? – Robert

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