no cost refinance Los Angeles

Refinancing Your Home with No Cost Refinance Los Angeles Lender

With historic low mortgage rates, now is the time to refinance your home with no cost refinance Los Angeles. It is especially beneficial if you have 20 percent equity in your property.

Should You Go for No-Cost Refinance Los Angeles?

Before you go for it, it only makes sense to know how it works. By no-cost refinance, it means that any out-of-pocket and up-front fees are set aside. That’s why it is so appealing to those who wish to refinance their home loan.

With this method, there is no need to worry about closing costs. These costs can reach up to 2% of the loan balance.

All title search, credit checks, application, and an appraisal are free. In other words, the lender will pay all the closing costs.

no cost refinance los angeles lender

Interest Rates

There are several rates in mortgage and every rate has its own points. For example, the lower interest rate will have more upfront fees. Another option is to have the lender bought points for you. That is, you accept a high-interest rate but the rate must still be lower than what you pay currently.

For example, if the current interest rate you are paying is 5.5% but you wish to refinance it, you could go for a 4.25% interest rate with no closing costs. Hence, no refinance offers an advantage in a low-interest rate market. Since there are no risks involved, it is easy for you to refinance again if there is a drop in rates in the future.

However, this method of refinancing is not for everyone. It is vital to talk to a mortgage consultant. In this way, you will know your options.

Furthermore, you may need to open an escrow account for the loan. It is especially true if your taxes and insurance are escrowed. Opening an escrow account may require cash up front. However, you will get a refund within 30 days of closing.

Surely, every refinancing situation is different. For that reason, we recommend our clients to review their options.

Talk to us about your refinancing goals so we can give you the many options you can have and find the best one that suits your specific circumstance.

What is Your Refinancing Goal?

One of the first things that we ask our clients is their refinancing goal. Low-interest rates are always an obvious goal. However, your goal must be to reduce your monthly payment or shorten your mortgage loan term. It could also be about receiving cash out to integrate debt.

After identifying your initial refinancing goal, we can talk about whether or not a no-cost refinancing your mortgage is a good idea. Refinancing is straightforward. At US Direct Lender, we can help you better understand what your refinancing options are.

We offer competitive rates and work with various credit scores. Our lending company offers pre-approval in 24 hours. There are no servicing fees or hidden costs.

To know more about our options for no cost refinance Los Angeles, please contact us through (626) 460-8900

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