A no closing cost refinance has no or lower closing costs than an ordinary refinance. However, all other things being equal, the interest rate will be 0.25% to 0.5% higher. A refinance with closing costs will typically have a lower interest rate, but there will be closing costs due when the refinance is finalized.

When you refinance your single-family home with Columbia Bank, the great news is you don't have to worry about expensive fees, because of our no cost.

"The No. 1 sign you shouldn’t refinance is that you plan to move in the very near. It does not make much sense to pay $5,000 in fees and closing costs for the privilege to save $100 per month for.

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With no closing costs, homeowners can refinance their homes without spending anything up front or throughout the application process. It’s certainly tempting and may be the right choice for certain types of borrowers, but those costs saved are costs you’ll eventually have to pay back. Here are a few features of a no-closing-cost refinance:

For example, let’s say you have two options for a refinance of $150,000. One loan has a 3.75% rate and $3,500 in closing costs. The other loan has a 4.25% rate and no closing costs. With the higher rate, the no closing cost loan will cost you $43.00 per month more. This adds up to $15,500 more over 30 years.

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A no-closing-cost refinance is a seemingly wise way to avoid bringing thousands of dollars to the mortgage closing table. But is it a good idea? It depends. If you’re trying to avoid closing costs with your refinance, here’s a guide to the potential costs of the trade off.

When refinancing, homeowners also pay closing costs for their. This method is also known as the "no-closing-cost" loan because the borrower forgoes paying out of pocket, although he ultimately pays.

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Is a No Cost Refinance a Good Idea? In general, it can make a lot of sense if you don’t keep the loan very long. As upfront closing costs usually take several years to recoup. So those who expect to sell their home or refinance again in a short period. May benefit from going the no cost.

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