What loan will give me a no cost refinance later on?

There is no such things as loan without closing costs. All loans have closing costs. It is just HOW you pay the closing costs. In a no cost refinance, the lender simply increases your interest rate in order to pay your closing costs. I am right around the corner from you. Visit my web site or call me for more information. www.MNBestRates.com 651-552-3681

Hi Jason! I would suggest you look for the best possible financing on your initial purchase now as I'm sure down the road, the rates will be higher. If you need to access equity down the line, there should be Home Equity Loan's available where you can obtain additional financing while keeping your first mortgage in place! That will help avoid additional closing costs! If I can help you review any scenarios and/or provide you with a Pre-Approval to review, I'd be happy to do so! Enjoy the day!

What ever you choose today to purchase a home will not have much to do with costs on a future refinance.. There is a consideration for streamlined refinance opportunities later on with FHA.. they allow for no appraisal and reduced paperwork when refinancing, but that only applies to a "rate and term" refinance, not a cash out.. but FHA has MI, and it's expensive, so might not be your best choice. In reality.. you need to choose the best loan for you scenario right now.. in the future, If you decide you want to refinance, you can look at your options and choose the best product for your scenario then.. Also understand as Joe Metzler said.. no such thing as a "no cost " loan.. someone has to pay for the services.. and since your the one doing the loan, it's goanna be you.. either you finance the costs, pay out of pocket for the costs, or you pay a higher interest rate and the lender pays the costs on your behalf, but in all these scenarios, it's you paying.. 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

Joe Meltzler is right, There is no such things as loan without closing costs. That being said as far as FHA or conventional you may be better off with conventional financing especially if you have a sizable down payment so you can avoid mortgage insurance. I would get with Joe and discuss your particular situation and put together a plan since he is around the corner from you.

Jason -- the two prior answers are very solid. The closing costs are either paid out of pocket, through a higher interest rate (usually about .25-.5%) or a combination of both. With interest rates appearing to be trending higher, a Home Equity Line of Credit (HELOC) in the future may be a much better bet than a refinance. My recommendation is to work with a local licensed mortgage professional to get the best rate possible now -- my thinking is you will be money ahead if you get into a conventional loan rather than FHA due to the higher Mortgage Insurance payments on the FHA.