Refinancing to a lower rate can be a great way to improve monthly cash flow and reduce the overall cost of your mortgage. With that said, there are generally closing costs associated with any mortgage so it is important to weigh benefits against the cost of refinancing. The Mortgage Brothers offer a ‘no-cost’ refinance option to borrowers with qualifying circumstances. In order to achieve a ‘no-cost’ refinance, we will provide a cash credit to the borrower which is equal to the closing costs.
Getting a lower rate is nice but nothing beats lowering your rate without paying the closing costs! Qualification for the ‘no cost’ refinance is dependent upon a number of factors including the present interest rate, loan balance and the strength of the borrower’s credit. If you think you may benefit from a lower rate, give us a call and we’ll be happy to provide a free analysis. As with all our loan products, you’ll never have to worry about a pre-payment penalty or application fee.