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Real Estate
Reply to "Would you refinance under these conditions?"
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[quote=Anonymous][quote=Anonymous]OP here again. Probably stupid question but what is the incentive for a lender to offer a no cost refi? I mean, how do they get paid? To the PP - I don't have the stomach for an ARM. We will probably sell in 3 years but might rent if the market isn't great. We are military so we just don't know. We go where and when they send us.[/quote] They get paid by charging a slightly higher interest rate (but still lower than your current rate), e.g., you might pay $20 a month more than the lowest rate anyone offered you but you would not have to pay $2k in closing costs. This has always worked out for me and seems like it makes sense for you too given your circumstances. Look at Amerisave rates if you want to see how it works.[/quote]
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