The NO COST Mortgage

Refinancing a mortgage at today's extremely low rates can prove to be a tremendous savings. But with increased closing fees and stricter underwriting guidelines, how do you know whether refinancing is right for you?

One sure way to guarantee savings is by using a No-Cost Loan. A No-Cost Loan is desidned to eliminate closing fees that often run around $2,000 ---- and even as high as $5-6,000 with some of the new government refinance programs such as the Home Affordable Refinance Program (H.A.R.P.). By using a No-Cost Loan, there is no need to calculate a "break even" point or worry about your monthly payment savings being substanital enough to eventually "reimburse" yourself for the closing costs you will pay to refinance.

No-Cost Loans will generally have a slightly higher interest rate than a mortgage with fees. While over a long period of time, a lower rate may prove to save more in interest, the savings on a short term mortgage is almost inconsequetial. For example, I am currently recommending 15 year and even 10 year mortgage options to many of my clients. The time that it takes to recoup closing fees is often near the end of the a 10 year mortgage term, so a No-Cost Loan provides flexibility and IMMEDIATE savings.

For more detailed information on No-Cost Loans at First Place Bank contact me direct at 734-433-0922 or apply On-Line at www.firstplacebank.com/jonmykala. A direct link to the application is in the right hand column of my blog.

Beginning the Loan Process

Use this reference as your fast track to beginning the Loan Process with Mykala Mortgage Planning.