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A true no-cost refinance means you pay no money upfront and neither your loan amount nor your interest rate is increased to build any costs into your new loan. To calculate a break-even point, divide the anticipated total cost of your refinance by the monthly savings on your loan payment.
The upfront guarantee fee is a one-time fee that is charged by all government mortgage programs (USDA, FHA, VA) and commonly rolled into the borrowers total loan amount. Example: Current guarantee fee on a $150,000 loan = $3,000.00.