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No closing cost refinance is a great option for homeowners looking to refinance their mortgage without having to pay any closing costs. This type of refinancing allows you to reduce your monthly payments without incurring any upfront expenses.

This type of refinancing can be beneficial for those who need a lower mortgage payment or those who don’t have the cash up front to pay the closing costs. This type of mortgage also allows you to avoid these costs and retain the equity in your home.

When looking for a no closing cost refinance, it is important to understand how it works and the potential benefits. Generally, a no closing cost refinance will have a slightly higher interest rate than a regular mortgage, which helps to offset the lack of closing costs.

The lender is willing to waive the closing costs in exchange for charging a slightly higher interest rate on the loan. This type of rate is commonly referred to as a ‘no closing cost refinance.’ Because the higher interest rate is built into the mortgage, some homeowners may be able to save money in the long run.

Additionally, no closing cost refinances may require you to stay in your mortgage for a certain period of time, often 5 years, before you can make changes to your loan. Staying in the loan for the full term can help you save money if the interest rates increase over time.

Overall, no closing cost refinance can be an excellent option for those who need to refinance their mortgage and don’t have the cash up front to cover the closing costs. This type of loan can provide the flexibility to get a lower payment and retain the equity in your home. It is important to carefully consider your options, understand the potential drawbacks, and determine if it is the best decision for you and your financial situation.

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