I’m not here to argue with you.
Balance added to the principal is not a no cost loan.
You apparently don’t understand what you’re talking about.
I know your intentions are good and that you think you know what you’re talking about, but you don’t.
If you have advised anybody not to get a NO COST loan which would lower their rate .25% or more,
your ignorant, foolish advice could cost them $10,000-$30,000 or more over the life of their loan if they listened to you. (Depending on their balance and interest savings)
If you’d like to explain it to me, I’ll be happy to listen. Feel free to contact me if you’d like.
(I can also offer a clear, honest explanation but I doubt you want one)
The epitomy of ignorance & foolishness is someone who can qualify to refi with a no cost loan that is at least .25% below their current rate but decides not to because they are bothered that someone is making money.
It’s that simple.
There is no recovery period to figure out.
**There is no reason not to refi to a lower rate at no cost if one can qualify**
I’ve heard more than 50 different objections from some very intelligent people. They were all wrong.
After an explanation they saw the light.
Stubborness is costing many people a lot of money.
