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arya310706 · Joined: 29 Jul 2009 Posts: 48 0.09 Dollars($)

Why do no cost mortgage refinancing?

gmakerley · Posted: Wed Jul 29, 2009 11:22 am Post subject:

why not?

JKennedySLG · Posted: Wed Jul 29, 2009 11:56 am Post subject:

To avoid adding additonal monies to your loan balance. I hope this helps...

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

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

litisham · Joined: 23 Jun 2009 Posts: 116 -0.62 Dollars($)

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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