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Profile picture for Nadjalou

Broker Recommendation for a no-cost refinance

Hi, I'd like a recommendation (or maybe more than one) of a broker who offers no-cost (or very low cost, or a high rebate towards fees) refinancing.  I don't plan to remain in my home for more than another 2 years so it doesn't make sense to pay a lot of closing fees, but currently the rates are a point lower than my current 4.875% so I want to take advantage of that.  I'm considering either a 20-year fixed which is what I have now or a 5/1 or 7/1 ARM loan.  My credit is excellent. Thanks.
  • January 10 2012 - Raleigh
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Answers (6)

Lower loan amounts make the rate have to be increased more so than if it were a $300k for instance. I would think you can get a benefit but talk to a knowledgeable loan officer to find out for sure. If you are confident in your ability to move in 2 years, compare savings with a 5 year ARM. As another mentioned, bring your escrow funds to closing to keep your loan amount low.
  • February 05 2012
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  • January 10 2012
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You would need to realize that the 'costs and fees' you don't want to pay will be built into the rate you want which could possibly infringe upon your net tangible benefit that needs to be proved in order to make your loan eligible in NC.

Are you escrowing taxes and insurance?  Do you have the money to fund that account or would you like those to be paid for you at closing as well?

AS Mr. Branch asked, what is the loan amount?

You might want to try your current lender who would be in a better position to possibly keep your cash to close and fees lower since they already have your escrow account and are servicing the loan.
  • January 10 2012
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Profile picture for Nadjalou
My balance is $131,000.  Home value approx $175,000.
  • January 10 2012
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Profile picture for daveskow
almost all lenders / loans officers will be able to offer what you ask
  • January 10 2012
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What is your loan balance?
  • January 10 2012
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