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Started By
Message
re: No cost refi offer
Posted on 5/2/21 at 10:34 am to Laryngitis
Posted on 5/2/21 at 10:34 am to Laryngitis
There is no such thing as a no cost loan
They are giving you a higher rate then what you qualify for
They are giving you a higher rate then what you qualify for
2
Posted on 5/2/21 at 10:36 am to SDVTiger
Nothing is free. Get 3 quotes or at least 2. Tell them you don’t want to pay anything if that’s what you want.
Posted on 5/2/21 at 10:39 am to SDVTiger
quote:
There is no such thing as a no cost loan
If it costs him nothing, then how is it not a no cost loan?
quote:
They are giving you a higher rate then what you qualify for
Yeah. And they are taking that premium for the higher rate and paying all of his upfront costs.
For his loan size, i would recommend $0 costs versus a lower rate and $3k+ being stripped from his equity.
His 1 requirement is to not pay the loan back over 30 years. Amortize 24 years or less.
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