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Re-finance of Investment Property

I am looking to re-finance a rental home.  The home was purchased in 2003 at a 6% rate.  I also have a Home Equity Loan with a small balance of $2000.  I want to lower my monthly payments on the mortgage, but want to avoid closing costs.  I am eligible for HARP.  A few lenders are offering me rates in the low 4's, but they will only roll the closing costs into the loan balance.  I would prefer to go with a slightly higher rate and have a no-cost re-finance.  One of the lenders told me they couldn't do it because of a high interest rate loan law.  Any advice?
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June 07 2012 - Staten Island
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I believe NY has some costly 3rd party fees so it might be tougher to do a no cost loan, of course the loan amount is a key factor here too. HPML could also restrict your choices so you just need to find someone who knows the applicable restrictions and can get you as close as possible to your objective.
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June 07 2012
 
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