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Reply to "Is there any reason NOT to refinance?"
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[quote=Anonymous][quote=Anonymous]Because nothing's free. They just roll the closing costs in with the rest of the loan.[/quote] There is a big difference between rolling the closing costs into the loan and a true no cost refi. Yes nothing is free, but if the choice is between, say, a 3% mortgage with a $3,000 credit for the borrower towards closing and 2.875% mortgage with $3000 in closing costs paid by the borrower, I think the smart money takes the 3% mortgage. There is a point--maybe around 10-15 years where the lower rate mortgage would pay off, but most of us either refinance or move within those 10-15 years.[/quote]
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