It might be, but it could also cost you in the end. Some lenders are willing to give you a refinance with no closing costs. In exchange, they charge a higher rate. Typically, they charge a 0.5% higher rate than if you paid the costs at the closing.
Refinancing might make sense right now since rates continue to stay low. The downside, however, is how expensive it can be to refinance. What if you could refinance with no closing costs? Wouldn’t that be a dream come true? The good news is that you can refinance without paying closing costs.
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The Advantages of a FHA Streamline Refinance Because you already have an FHA loan, you’ll need fewer documents to refinance. In many cases, you can refinance with FHA Streamline without a new appraisal on your home. More lenient credit requirements to refinance compared to most other loans.
Closing costs must be paid up front or arranged for through a "no-cost" FHA Streamline loan. You may also choose to include the closing costs into your loan a "with appraisal" FHA Streamline loan. In these cases you must have enough equity in the home to cover the extra amount.
You may also choose a "no cost" refinancing loan by taking on a slightly higher interest rate to have closing costs included into the loan. According to FHA rules, you can only roll the closing costs into your new FHA Streamline Refinancing loan if there’s enough equity in the property to cover the additional amount.
– A streamline refinance is an FHA loan that people with an existing FHA mortgage should consider.There is no closing costs allowed with this loan, so your mortgage balance doesn’t go up when you refinance.
Refinance your mortgage for a lower rate, access cash or lock in a low rate. See how refinancing works and how to choose the best mortgage.
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In an FHA streamline refinance, you can wrap the upfront premium – but no other closing costs – into a higher loan amount as a part of the refinance – as long as there is still a "net financial.