Is it possible to get a 'no-cost' refinance or is this a myth?

There is no such thing as a "no cost loan". All loans have costs because no one works for free and those costs get paid somehow. You can either roll the closing costs into the loan (for a refinance) or if you truly do not want to pay the cash out of pocket (on a purchase), you can agree to accept a higher rate on your loan, and the "premium" the lender receives for the higher rate is used to pay the fees. Then instead of you paying the costs up-front, you pay a little each month through the higher interest. Read my Blog post on this subject for more details. You can find it here http://www.lender411.com/mortgage-articles/4145/whats-the-secret-to-a-no-closing-cost-loan/ ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

There's no such thing as a no closing cost loan.. Loan officers don't work for free, title companies don't insure loans for free, appraisers don't appraise for free... etc..Someone has to pay for these costs and it's always the borrower.. You either pay upfront or you pay by paying a higher interest rate.. But either way, it's you paying... You put yourself in a position for disappointment if you are relying on an internet post to find a free loan.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hello Katarina,Yes, it is possible to get a no cost refinance. Every scenario is different. I would contact a local Mortgage Broker or Loan Officer and ask for 3 different loan scenarios, that way you can make an informed decision in regards to your mortgage. If you need any help feel free to contact me offline.

Katarina,We do no-cost refinances every day!!!. We do not roll anything into the loan. Please feel free to contact me at anytime so we can discuss your scenario. My cell phone is 540-645-8879 or email me at mike@priorityfin.comI look forward to speaking with you.

The way to offest closing costs is to take a higher rate than, for example, the zero point quote option and use the premium pricing to cover the other settlement charges. The premium pricing, then, would go as a credit against the other costs netting them down. Another option is some people will choose to roll in the closing costs to the mortgage amount, thus taking a higher loan amount but keeping the rate where it is. I only am licensed in CT. Michael A. Kirkutis, CT DOB NMLS #111599, MAK Mortgage Company, Inc., CT DOB NMLS #103552. MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER. www.cthomemortageloan.com.

In a "no-cost" refinance, the lender absorbs the closing costs, and increases the interest rate. Do the math, based on how long you will own the property.

Katarina, I have been doing true, no closing costs loans for over 20 years. We actually specialize in those types of loans. If you are interested in a free loan proposal, please give me a call at 1-866-455-8228 and I will gladly send you a fee sheet.Thanks!Scott Drilling-PresidentEagle Lending

Katarina, We have been doing no cost loans for over 20 years. We actually specialize in these types of loans, so if you are looking for the lowest rates and fees, please give me a call at 1-866-455-8228 or email me at sdrilling@myeaglelending.com and I will be happy to quote you our best rates.Thanks!Scott