No Cost Mortgage Refinance Loans with $0 Fees
Did you know that a $0 fee mortgage refinance could save you money every month? No cost refinance loans are available on fixed 30-year terms under 4%, so you do not want to miss the money saving opportunity. No cost loans are available to qualified borrowers with the conforming, VA, FHA and jumbo loan programs. Ask you loan officer about current fixed rates for the No Cost Refinance program.
Save More Money with $0 Mortgage Refinance Closing Costs
The benefits of get a refinance at no cost are enormous for several reasons. First of all, you do not have to come out of pocket to cover lending fees, so you can keep more money your bank account. Another benefit of no cost refinancing is that your new mortgage balance doesn’t increase because you do not have to finance closing costs. Over the course years paying back a home loan, this could save you thousands of dollars.
How much would a no cost mortgage save you if the rate was fixed at 4%?
Talk to one of our agents today to see if you are eligible for a no cost loan.
Ask your loan officer about their most competitive no fee refinance mortgage programs that are available with record low interest rates as well. In 2024 the $0 cost refinance loan is more popular than ever. Find out if meet the criteria to be approved for a $0 fee refinance mortgage today.
No Points & No Fee Refinance Loans
BD Nationwide Mortgage offers no cost mortgage refinance loans for qualified borrowers seeking reduced expense financing. Homeowners can find low cost and no cost home refinancing options for qualifying applicants. Credit scores and home equity are contributing factors to no cost loan eligibility. No closing cost refinancing can be a wise choice when considering your next financial move. There is no reason to increase your mortgage balance if you can get a mortgage refinance with no lender fees.
Nationwide continues to provide a wide selection of no cost refinance products for first and second mortgages. One of the hottest refinance loans has been the 1st – 2nd combination loan that consolidates both mortgages into one reduced rate loan. The fact is that borrowers can save a considerable amount of money by getting a mortgage refinance with no costs.
The No Cost jumbo loan has newly revised guidelines, so discuss your qualifications with your loan officer. Don’t forget to check the limits on FHA insured mortgages because they vary by state. The No Cost refinancing program may have unique guidelines for various loan products. (ie. The VA loan product may have different criteria and requirements than the conventional or jumbo loan products.)
Select from 10, 15, 20 and 30-year terms with fixed rates for refinancing, interest only or a home equity loan terms. We suggest considering a refinance loan if you have an opportunity to reduce your monthly mortgage payment or if you presently have a vulnerable adjustable rate loan. Get more info on a refinance no fees now.
Top 3 Reasons for a No Cost Mortgage Refinance
1. Savings – On average a “no fee refinance” saves borrowers $3,500 by eliminating the closing costs like title, appraisal, escrow and loan origination.
2. Avoiding the Increase on your loan amount – When borrowers are charged closing costs they either pay them from their saving or finance them into the new loan. This actually raises your mortgage balance.
3. Increased Cash Flow – When you get a no closing cost refinance you receive the benefit of increased cash flow.
Zero Cost Refinancing – No Money Out of Pocket Loans
Another popular refinance loan has been the FHA loan that allows borrowers with less than perfect credit qualify for competitive rate 85- 95% cash back refinance loans. Getting a no closing cost mortgage is not allowed with the FHA streamline program but the rate and term refinance and cash out product permit no cost refinancing. Many consumers appreciate the FHA mortgage refinance with no closing costs. Get more info about no cost FHA loans from our licensed loan officers online.
4 Reasons Homeowners Should Choose a Fixed Rate When Refinancing
Is it time for you to refinance your first mortgage? Interest rates have been staying very low in the last few years. At the end of 2017, typical mortgage rates for “A” paper borrowers were in the range of 4% for a fixed rate mortgage.
It is hard to say how long rates will continue to stay this low. If you are waiting for them to drop even lower before you refinance, you could. But with rates as low as they are right now, it is very tempting to bite the bullet and refinance to get a low rate and save money every month. Here are some reasons you should choose a fixed rate when you are refinancing, and some other tips:
1. Mortgage Rates Are Still Low on No Cost Loans
Yeah, we know we already mentioned this, but it is worth talking about again. Seriously, rates have been hovering under 4% for several years; even going back a decade, rates were still in the 4% to 5% range, which is still quite low. Most Americans from decades ago could only dream of having an interest rate under 4%! Anyone remember 12% mortgage interest rates from the 1970’s?
Yes, today it is still possible to refinance your mortgage with no closing costs into an adjustable rate and maybe you will save a bit on interest, but a 30-year fixed rate is just so low right now, it makes a lot of since to go for a fixed rate.
2. Long Term Stability with No Cost Mortgages
Choosing an ARM can make plenty of sense if you are really sure that you will be moving in five or seven years. But for people who are going to stay in their home for 10 or 20 years, choosing a fixed rate when buying a home or refinancing is often the best choice. Especially with rates as low as they are right now.
If you are going to be in your home for a decade or more, having a fixed rate and $0 cost mortgage guarantees you have a low payment until you move. You will not have to worry about your ARM resetting and you having your payment go up.
3. Payment Difference Can Be Small with $0 Fee Refinance Loans
For many home owners who have, say, a $200,000 mortgage, the payment difference on a fixed rate and adjustable rate mortgage can be small. Depending upon the current interest rates, the difference might be $50 or $75 per month. There are cases where people with lower incomes would say that is too much too pay, but for many, it’s worth paying a tiny bit more per month for the additional long-term security.
By the way, if $75 is too much for you to pay, when you consider the long-term security you are getting, you may want to rethink the home you have or are buying. You may not be able to really afford what you have. Review lender offers and consider the $0 fee mortgage refinance with an open-mind.
4. Using an ARM to Buy a Bigger Home Is Risky
Some people like to have an ARM loan because the lower rate will help you to qualify for a bigger home. But is the difference in the quality of the home really worth the risk? What if the rate goes up and your payment went up 50%.
There are many good reasons to get an adjustable rate loan. But for many people, refinancing a mortgage into a low fixed rate makes sense.
Don’t wait for the Federal Reserve to raise key interest rates. Guidelines and incentives for no cost FHA loans are subject to change. Not all mortgage programs have a no cost refinance option. However, in most cases borrowers will have the option for no fee loans that require no money out of pocket at closing. Please note that no-money down home loans are not the same as no fee mortgage loans. Take advantage of our no cost refinancing knowledge and lock into a no cost mortgage refinance that has no closing costs at all.
Disclosures: 30-year fixed rate disclosed was 3.25% with an APR of 3.25% because there are no points or closing costs associated with this program on a $200,000 loan with a monthly payment of $970.42. (11-16-16) This specific program requires a 700 fico and 80% LTV. There are lenders advertising a no cost FHA loan programs that only require a 580-credit score and a 96.5% LTV, but mortgage insurance premiums are required with this product.
Rate Disclosure on Refinance Mortgage with $0 Fees
*The example quoted is a 4.25% rate on a fixed 30-year on a $300,000 loan amount is $1,475.82 a month. (1-26-18) There is $0 in closing costs and $0 refinance fees on this sample. The Annual Percentage Rate (APR) is also 4.25%.