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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.
Unfortunately, a no cost mortgage isnât really cheaper over the long term. Instead of paying fees out-of-pocket, closing costs, or other costs at the time of the loan, the interest rate is .25 to .5 percent higher to cover the lenderâs costs and any third-party fees the lenders promises you arenât paying. recommend you speak with US Bank and ask them if they would charge closing costs to refinance your home. You must keep in mind that it will cost a lender to refinance a mortgage, even though they may say â no closing costs .â. I also have two valuable resources as you evaluate refinancing with US Bank.