[quote=23109VC]when you say “no costs”… literally they just refi’d the loan with no costs? there has to be some kind of fees you’re paying?
I have just started calling around and shopping rates for a refi, and I had expected that I would have to pay something to do a refi.
when you say “no costs” do you mean no out of pocket or you mean you literally aren’t incurring any additional fees even rolled into the loan?
thanks.[/quote]
If you get a loan with a slightly higher rate, often not only is is no fee no cost, they might even give you a rebate up front. Even then, it still might make sense because so long as your new loan is still a lower rate than the old , you still might pay less overall total interest over the new loan term or be able to pay it off sooner if you still make your current loan’s payment on the new loan. AN is a serial refinancer that did this a couple of times. Picking new cost/fee loan would make sense if you anticipate refinancing again in the future or paying your loan off sooner.
