No Closing Cost Mortgage: Is it right for you?

According to Mortgage Brokers in the US, if you are looking to refinance, your home there is no better time than now to do it. Even though the economy and most homeowner’s finances have seen better days mortgage still say this is the time to refinance.

Over the last few days, interest rates have fallen to just over 5 percent. This is the lowest rates for three years. Also you should look into a no closing cost mortgage loan, this type of mortgage loan gives you the option to purchase or refinance a new home with no closing costs at all. In the case of the no closing cost mortgage loan the bank pays the lender commission and then that commission is used to pay the fees and costs.

The no closing cost mortgage loans is good for people who do not wish to be in the property for more than 5 years, you would also need to have equity in your home, a good credit score and the loan shouldn’t exceed $417,000 according to mortgage broker’s.

Source: orange.mymc

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