refinance mortgage offers, “no costs to you” are these legit?
Problem by honeybaby729: refinance house loan provides, “no fees to you” are these legit?
I require to refinance my house loan quite quickly. For the earlier 6 or so furthermore months my mail has been flooded daily with offers from various mortgage brokers or lenders presenting me a deal of a life span. A lot of say they are providing me refinancing at no price to me. This sounds a bit fishy, I question anyone is prepared to support me at no expenses. Is there any truths to these provides? I never want to waste time contacting these companies and filling out apps if they are not accurate. Any thoughts? Thanks !
Greatest reply:
Response by shamieya
It is legit, there might be no out of pocket fees to you if your broker will be producing a wonderful profit off of your refinance- they will pay out for stuff themselves. there will constantly be costs although.
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they are not good, when you need to refi, go to a bank that does home loans like wells fargo or a mortgage co like Legacy. Also Eloan is a good place to see rates and get advice.
Somebody is making money, so you are right in being cautious..
Do not be trapped , nothing is free in this world.
there is no such thing as ‘no cost’ to you.
they may charge NO closing costs, but you will pay a HIGHER interest rate. You may have a LOW interest rate…but your closing costs may be HIGH.
Either way…you will need to see who can balance the fees, and the interest rate. Programs are helpful, and you may want to refinance for other reasons besides the interest rate.
If your credit is low you may want to work with a broker. They normally can give you credit advice to fix your credit that will help you refinance in the future again…and may find yourself with better auto loan offers, credit card offers, etc
It is legitimate, however when they say no cost to you, they means they won’t charge you for giving you advice about how best to refinance your mortgage and they will suggest the cheapest mortgage options with the best lenders based on the details you give them.
There will however be whatever costs the lender you finally choose charges. The middleman who finds the lender from you gets paid by the lender hence he doesn’t charge you.
It’s not that you won’t be paying anything. But its a decent thing to look into because these guys will give you the best offer available for you, without you having to shop around and check out the terms and conditions of each individual mortgage vendor.