ST Alpha - ""no cost to you" can mean many different things. make sure they're not just rolling the closing fees into the principal of the new loan." (Reading a Post)

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In response to "My mortgage company (Quicken) called me this morning. They want to do a no-cost-to-me refinance. I'm confused." by Covington

"no cost to you" can mean many different things. make sure they're not just rolling the closing fees into the principal of the new loan.

Posted by znufrii Sep 23 '14, 08:17

How much of an improvement on the interest rate are you getting?

Responses:

I have done several no cost to me refinancings and been called by my bank (Chase at the time) to do the same. It's often because they just don't want - pmb Sep 23, 08:25 1
- Ah, this sounds like what's happening here. She did say Quicken would remain the servicer. - Covington Sep 23, 08:47
*this* This is where they make their money. -- nm - spamlet Sep 23, 08:19 11
- yeah, there is no doubt fees involved, which will be included in the borrowed amount. - groiny Sep 23, 08:20 7
  - Yeah, the girl may just need to land a certain number of re-fis this month to get her bonus or quota. -- nm - Spawn Sep 23, 08:22
  - right. - znufrii Sep 23, 08:21 5
    - yes and no. - groiny Sep 23, 08:22 4
      - if you expect to stay in the home that long, sure. -- nm - znufrii Sep 23, 08:28 1
        
        no one expects to stay in a home that long. nm -- nm - groiny Sep 23, 08:28
      - but you should always *know*. -- nm - Andie Sep 23, 08:25 1
        
        of course, but even if fees are involved, it is probably a good deal. - groiny Sep 23, 08:26
- That does not mean it can not be a win/win, though. -- nm - Spawn Sep 23, 08:20 2
  - oh, sure, if he can keep the same payment and lower his term (i feel like it should be more than a year reduced though), then go for it. -- nm - Andie Sep 23, 08:26
  - Right, but they're not just getting customer goodwill. -- nm - spamlet Sep 23, 08:21
Don't know yet -- nm - Covington Sep 23, 08:19
yeah at the very least there is a new " loan fee". right? -- nm - Epiphany Sep 23, 08:18

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"no cost to you" can mean many different things. make sure they're not just rolling the closing fees into the principal of the new loan.

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