No-Cost Refinances. Too Good to Be True?

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My mortgage is currently with Wells Fargo and I contacted them to see what their rates/charges for refinancing would be. The person I spoke with said that we qualified for their no cost refinance. I have to admit I’m a little skeptical..it sounds too good to be true. Does anyone have any experience with Wells Fargo’s no cost refinance?

A no cost refinance is a refinance in which the lender provides a credit in exchange for a slightly higher rate to cover all lender and third party closing costs, including appraisal fees, title fees, county record fees, etc. The lender provides the credit in exchange for the borrower financing at a higher interest than they could get if they paid the costs themselves.

"There is no cost to it because the value in it for us isn’t in. companies – and its real estate and services advertising. "It almost seems too good to be true sometimes, but when you see the side.

A no cost refinance is a loan transaction in which the lender or broker pays all settlement costs in exchange for a higher mortgage rate. While this type of offer is by no means a new concept, it’s definitely a subject worth visiting to ensure you understand what you’re getting.

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No cost refinancing does in fact cost more – if the charges are wrapped into the loan, there is a larger balance to repay. That means the borrower is paying interest on the refinancing costs over the life of the loan. For example, $4,500 in closing costs amortized over 30 years at 4.125 percent costs the borrower a total of $7,851.

He also says it’s not just that homeowners think the program is too good to be true. In many cases. contact their existing lender or any other mortgage lender offering harp refinances.

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