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Why do no cost mortgage refinancing?

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Icon Mini Profile arya310706





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Post Posted: Wed Jul 29, 2009 11:10 am    Post subject: Why do no cost mortgage refinancing?
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Why do no cost mortgage refinancing?
Icon Mini Profile gmakerley
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Post Posted: Wed Jul 29, 2009 11:22 am    Post subject:
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why not?
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George M. Akerley
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Icon Mini Profile JKennedySLG
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Post Posted: Wed Jul 29, 2009 11:56 am    Post subject:
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To avoid adding additonal monies to your loan balance. I hope this helps...
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Post Posted: Wed Jul 29, 2009 8:20 pm    Post subject:
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Good for the borrower not to spend extra money to refinace and good for the lender to keep exisiting customer. It cost money to get new customer
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Post Posted: Thu Aug 13, 2009 7:55 am    Post subject:
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No cost mortgage refinancing can be a lot cheaper in the short run.

You could get a simple estimate of the break-even period yourself, dividing the cash-paid closing costs by the difference in the monthly payment. This will give you the number of monthly payments you will make before the break-even for the no cost mortgage refinance vs the traditional mortgage refinance occurs. Have in mind that different calculators may exhibit different result, if they take into account:

1) how closing costs were paid - by cash, or were rolled into the loan;
2) inflation levels;
3) level of return of other financial instruments.
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