Whether you want to drop your interest rate, lower your monthly payment, eliminate PMI, shorten the term of your loan or cash out, we’ll help you refinance with confidence!
No Points / No Closing Cost Refinance Program
With No Closing Costs on qualifying loans, Mortgage Financial offers a Refinance Program that truly has NO COSTS. This means no points, no hidden fees, and no surprises!
It’s simple…we pay all the closing costs out of our commission and we do not increase your loan amount to cover those closing costs. That’s it!
Yes, you pay a slightly higher interest rate, usually 1/8th-1/4% higher, but you save all of the closing costs. No appraisal fees, no attorney’s fees…NO FEES PERIOD! But does a higher rate really make sense? More often than not, the answer is yes!
Consider this…on a $250,000 loan the closing costs to refinance would be approximately $2,500. If you paid this $2,500, the after-tax savings, for the slightly lower rate, is only about $28 per month! So, it takes 90 months, or almost 8 years to break even.
But what if you invested the $2,500 you did not pay in closing costs? $2,500 invested at 5% would make you $10 per month, after taxes.
Once you take this into account, the actual break-even is actually over 11 years, while the average 30 year fixed mortgage loan in the U.S. lasts, according to Fannie Mae, is only 5 years. Also, if rates drop after you close, you can simply refinance again with no closing costs. Compare this to paying (or rolling into your loan) $2500 every time rates drop!
All loans are subject to credit and property approval. Other restrictions and limitations may apply.