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Refinancing with No Points and No Fees
On most refinances you can choose to have your lender pay for all your Non-Recurring Closing Costs. This is often referred to as a No Points No Fees Refinance. (Also commonly referred to as "No Fee Refinancing", "No Closing Costs Refinancing" or "Zero Closing Costs Mortgage".)
In order for the lender to do this you will need to accept a slightly higher rate than a normal No Points mortgage. Usually about .250% to .500% higher.
Non-Recurring Closing Costs include the following:
- Appraisal Fee
- Credit Report
- Lenders Fees
- Broker Fees
- Title Insurance
- Escrow Fees
- Recording Fees
Items that do not qualify as Non-Recurring Closing Costs are Property Taxes, Interest, and Insurance.
Please be aware that No Points & No Fees loans may not be available on smaller loan amounts. Your credit cannot exceed your total Non-Recurring Closing Costs.
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Rates displayed herein are sample rates only. Upon loan approval you will receive product and rate options specific to your loan situation.