Anonymous
Post 08/09/2012 16:34     Subject: Know of any lenders offering a no cost refi?
Anonymous wrote:
Anonymous wrote:If you're paying a slightly a higher rate, but is lower than your original rate and you don't have to dish out additional money, then how do you always pay for them no matter what? I'd really like to know what the fine prints are as we're about to refi on our house and it's a no closing cost...
Your comment 15:35 makes me paranoid that I'm really am not getting a good deal. TIA


15:35 here, if you are saving money and you have had your financial planner review your loan and figure out where yoru beakeven point is based on how long you are going to be there etc.

bottom line is if you are saving money in the short term you are going to pay it in the long term. You might move or refi by the time it reaches that breakeven point so you will be paying less but it only really matters if you save the money and not spend it. Most people don't save that extra $$ each month.



Yeah but if his no cost refi has a lower rate that what he has now, is it not a win win situation?
Anonymous
Post 08/09/2012 16:24     Subject: Know of any lenders offering a no cost refi?
Debbie Levy at Eagle Bank is fabulous - we are in process with her on a 30-year fixed at 3.625 for a $550K loan.
Anonymous
Post 08/09/2012 16:20     Subject: Know of any lenders offering a no cost refi?
We are doing a refi with penfed with closing costs paid for.... We locked in at 3 percent for 5 years after which the rate goes up to 5 percent for 5 years... God willing we hope to be out of our townhome within the next year or two
Anonymous
Post 08/09/2012 16:08     Subject: Re:Know of any lenders offering a no cost refi?
Anonymous wrote:For certain products, PenFed is offering no closing cost refi's

My experience from shopping around a few weeks ago - Eagle Bank was matching TD Bank's rates AND had no closing costs.


There is still a spread. While PenFed and others may subsidize closing costs, you can find lower rates elsewhere.
Anonymous
Post 08/09/2012 15:47     Subject: Re:Know of any lenders offering a no cost refi?
For certain products, PenFed is offering no closing cost refi's

My experience from shopping around a few weeks ago - Eagle Bank was matching TD Bank's rates AND had no closing costs.
Anonymous
Post 08/09/2012 15:47     Subject: Know of any lenders offering a no cost refi?
Anonymous wrote:If you're paying a slightly a higher rate, but is lower than your original rate and you don't have to dish out additional money, then how do you always pay for them no matter what? I'd really like to know what the fine prints are as we're about to refi on our house and it's a no closing cost...
Your comment 15:35 makes me paranoid that I'm really am not getting a good deal. TIA


15:35 here, if you are saving money and you have had your financial planner review your loan and figure out where yoru beakeven point is based on how long you are going to be there etc.

bottom line is if you are saving money in the short term you are going to pay it in the long term. You might move or refi by the time it reaches that breakeven point so you will be paying less but it only really matters if you save the money and not spend it. Most people don't save that extra $$ each month.
Anonymous
Post 08/09/2012 15:42     Subject: Know of any lenders offering a no cost refi?
No reason to be paranoid. Bottom line - you either pay closings costs out of your pocket up front or you pay a slightly higher monthly amount than you normally would if you don't pay any closing costs up front. In effect, you are amortizing those closing costs over the life of the loan - so it doesn't matter whether they are rolled into your principal balance or you receive a higher interest rate - the result is the same and it doesn't mean you are getting ripped off.
Anonymous
Post 08/09/2012 15:39     Subject: Know of any lenders offering a no cost refi?
If you're paying a slightly a higher rate, but is lower than your original rate and you don't have to dish out additional money, then how do you always pay for them no matter what? I'd really like to know what the fine prints are as we're about to refi on our house and it's a no closing cost...
Your comment 15:35 makes me paranoid that I'm really am not getting a good deal. TIA
Anonymous
Post 08/09/2012 15:35     Subject: Re:Know of any lenders offering a no cost refi?
you always pay for them no matter what. Read all the fine print. Either by paying a higher rate or by adding it into the monthly payment. The wording on the contract says there is no closing cost at the time of closing but the cost is rolled into the loan in

a.

b..

or

c....

Anonymous
Post 08/09/2012 15:21     Subject: Know of any lenders offering a no cost refi?
Amerisave usually offers this.
Anonymous
Post 08/09/2012 15:07     Subject: Know of any lenders offering a no cost refi?
14:58. Mine were no cost. He gives you a slightly higher rate than you would qualify for in exchange. Nothing is added onto the loan itself and it doesn't cost a dime.
Anonymous
Post 08/09/2012 15:05     Subject: Know of any lenders offering a no cost refi?
OP here. Thanks for the recommendations. Are these truly no cost or would I be rolling the cost into a loan?
Anonymous
Post 08/09/2012 14:58     Subject: Know of any lenders offering a no cost refi?
Bill Slosberg at 1st Savings:

202-288-0777

Very happy with him. Just signed our refi, saving us $400 a month!
Anonymous
Post 08/09/2012 14:54     Subject: Re:Know of any lenders offering a no cost refi?
Brad Cohen at Capital Bank
240-292-1440
Anonymous
Post 08/09/2012 14:41     Subject: Know of any lenders offering a no cost refi?
Looking to refi, no anyone offering a no cost option?