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PostHeaderIcon No Cost Refi & Refi Loan

A no cost refi is when a borrower will get a high rate to offset the lender fees. A client will get a higher rate then normally would qualify for but they would get this higher rate because the lender will need to offset the fees. A higher rate with no fees is how a client doesn’t have to pay for the rate. Some clients like this because their loan amount is high enough and they do not want to raise it, so they go with a higher rate to pay for the closing costs.  Also if a client wants a refinance at no cost they will get a higher rate, because of hits to rate. This means that certain credit scores, certain, loan to values and also the type of property it is has hits to the rate. So if a client doesn’t want to get charged in the front to cover these fees, they will get a higher rate then deserved.

There always will be a time when a client wonders if it time to refinance their home. They ask themselves is refinancing my home right now a good time? And they answer is yes if the market rates have dropped compared to your current interest rate. Also if the market is a good time to refinance. A client must also find a lender that will work with them and be more of a friend and guide than a pushy muscle man. You want a lender who’s looking to help you, not just refinance you to make money. As a borrower you should see if it’s the right time for you to refinance your home mortgage.

Refi loans are when a person or persons is trying to lower their monthly payments, lower interest rate, cash out money from equity or even change the amount of years on their loan. People have great opportunities to refi their mortgages and help make their lives easier.  A Refi mortgage is when a client applies for a loan that is secured to pay off another secured loan. If a clients rate is a fixed interest rate and has now lowered then a client is more inclined to refi their mortgage to a new better rate. A fixed mortgage is a mortgage with a fixed interest rate.  A fixed interest rate is fixed for a specified amount of time; most likely a ten year, fifteen year, twenty year or even a thirty year fixed. When a client refi mortgages its benefits are to significantly lower the monthly mortgage payment. For most clients owning a home is their biggest asset. With this a mortgage payment may be the highest bill you have a month. With this being such a large payment, if you refi the mortgage you will be able to have more money every month. Another benefit may be to shorten the length of your home mortgage. This can also happen when you refi the mortgage, if you have a thirty year loan and you refi you can change it to a ten, fifteen or twenty year and save an immense amount of interest.

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