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No-cost mortgage refinance refers to a situation where a borrower pays no closing costs on a mortgage that is refinanced. Typically, this is done because the new lender will pay the original lender the closing costs, and will still make a profit at the lower mortgage rate.

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โˆ™ 2013-06-26 08:09:10
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Q: How does no cost mortgage refinance work?
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Related questions

How can you refinance your home for a mortgage?

In order to refinance your home, you should look for a reputable mortgage broker. Work with the broker to find a good plan to refinance you home by looking at you current mortgage.

How much does it cost to refinance a mortgage in California?

The cost to refinance a mortgage in California is going to depend on a variety of factors including down payment, cost of the home, financial credit score, the lending market and rates.

How can one refinance a mortgage for no cost?

There are always costs involved when one decides to refinance a mortgage although marketing schemes may disguised refinancing as "no out-of-pocket cost refinancing." The most frequently used "no-cost" refinancing is simply to add all the cost to the existing mortgage loan balance and increasing the amount of mortgage to cover for everything.

What is the advantage of a convertible adjustable-rate mortgage?

This type of mortgage vehicle gives the borrower the benefit of a low initial rate with the option to refinance to a fixed-rate mortgage at about half the typical refinance cost.

What are the refinance costs involved in closing a mortgage?

The refinance costs involved in closing a mortgage all depends on the financial institution that holds the mortgage. Most will not have an additional cost, while others may charge.

How does a mortgage refinance calculator work?

A mortgage refinance calculator takes a collection of user-inputted data such as mortgage value, yearly dues, interest rate, and more. From this, the calculator determines how soon the mortgage will be paid off.

What is the use of no closing cost mortgage refinancing?

The purpose of no closing cost mortgage refinancing is to move or add any closing costs associated with a home mortgage refinance to the tail end of the loan that is be refinanced. No money is needed at the time of the refinance, but will be paid back, with interest, during the duration of the mortgage loan.

Where can one go for a quote to refinance a mortgage?

If you wish to refinance your mortgage you are best to go to the bank you took out the mortgage with. They will be able to help you and are more than likely to refinance your mortgage for you.

What is a mortgage refinance loan for?

A mortgage refinance loan is exactly what the term implies. A homeowner can refinance a mortgage on their home in order to get a lower interest rate on their remaining balance on their mortgage debt.

What are the benefits of a va refinance option?

"There are many VA refinance options. You may refinance your VA mortgage for a lower rate, you may cash out, or you may refinance your current mortgage to a VA mortgage if you qualify for one."

Cost to refinance mortgage?

It can cost alot, it depends on your situation. What are the cast you are getting quoted and i will let you know if they are reasonable.

What is reverse mortgage refinance?

It is where you have a Mortgage and you have improved your credit you can refinance to lower you monthly bill.

When should one refinance their mortgage?

One could refinance their mortgage when the interest rate decreases. However, one must also think the amount they have to pay to refinance their mortgage.

How can one make sure to get the best refinance rate?

To get the best refinance rate try to refinance at a lower rate because mortgage rates are falling. But there is a cost to refinance so it might end up costing you more.

I want to refinance and pay down my existing mortgage by nearly half, in order to make my monthly payments smaller. Can I do this with a "no cost" refinance and not borrowing any money in the refinance?

I think if you can effort for it you can have a refinance without borrowing the money.

Where can one learn how to refinance own mortgage online?

There are many places online where a person can learn how to refinance their own mortgage. Websites such as, quickenloans, homeloans, and mortgage-calc all have info on how someone can refinance their own mortgage.

What companies offer a no fee mortgage refinance?

There are many companies that claim to offer a no fee mortgage refinance. Such services are never free, it always costs something to refinance one's mortgage.

How can you refinance your home mortgage?

To refinance your home mortgage, you can go to a bank or credit union with the proper paperwork from your original mortgage and ask for refinance. There's usually fees involved, but if you need to, you can.

Where can one find a mortgage refinance lender in Detroit?

One can find a mortgage refinance lender in Detroit by going to websites such as Zillow. On websites such as these one will find a list of mortgage refinance lenders.

What is the meaning of "refinance mortgage"?

Basically, refinance mortgage is a restructure of your current mortgage. You can shorten the length of your loan, you can get a lower interest rate and lower your payments. In some cases you can cash-out the equity and actually get cash back at the closing of the refinance mortgage.

What are the lowest refinance mortgage rates?

The lowest mortgage refinance rates are currently around 2 percent.

Where can one obtain a application to refinance their mortgage?

There are many places that someone can obtain an application to refinance their mortgage. There is a guide about how to do this on eHow. Sites that offer this service include the site Refinance Mortgage Application and Loans.

What are the benefits of getting a second mortgage refinance?

The main benefit of a second mortgage refinance is that it allows one to not have to create a new mortgage. Creating a new mortgage can be a hassle, which a second mortgage can alleviate.

How can you remove the cosigner from a mortgage?

You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.

Where can I find a remortgage lender?

low home loan mortgage interest rates from hundreds of mortgage ... refinance, mortgage rate, refinance news and calculator, and mortgage lender directory.