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Real Estate
Reply to "Refinancing with No Closing Costs: What's the catch?"
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[quote=Anonymous][quote=Anonymous]I pulled this question out of another thread. I've done some looking through old posts and seen that most people said that they tend to offset the closing costs with a higher rate, but I currently have two companies saying they could refinance our jumbo loan at 4% - one with closing costs (about $5,000) and the other without any closing costs. Obviously, I'd rather not pay closing costs, but feel as though there must be a 'catch'. Does anybody have any experience with this?[/quote] Depends on the financial institution. With a credit union you're less likely to have a "catch." With a bank, they must figure they're locking you in b/c rates can't go much lower. Please tell me who is refinancing your jumbo loan in this fashion as I would like that action. Thank you.[/quote]
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