| A no closing cost refinance loan is often | | | | is not that difficult to qualify for and you might be |
| advertised as a "free refinance" claiming that it will | | | | surprised on how much financial help they are |
| not cost you a dime to refinance. While it is true | | | | willing to grant you. The program was designed |
| that these refinance loans require no out of | | | | for homeowners who are struggling to make their |
| pocket expenses, it is often the case that you will | | | | monthly payments due to current economic |
| end up paying more throughout the course of | | | | hardship. If you can prove that you are |
| your mortgage with a higher interest rate and an | | | | experiencing economic hardship whether it is a |
| increased balance on your loan. However, with the | | | | loss of a job, illness, hospital injuries, or some |
| recent passage of Obama's mortgage relief | | | | other justified reason than you might be eligible to |
| program, getting a true no closing cost refinance | | | | receive federal grants to help you refinance a |
| loan is now actually a reality. If you qualify, the | | | | mortgage. |
| government will pay all your refinancing closing | | | | A refinance cost is typically 2-3 percent of your |
| cost and you are able to get a more affordable | | | | new loan. So on a $200,000 mortgage, this would |
| mortgage. With billions of dollars in grants ready to | | | | be about $6,000. Wouldn't it be nice to have the |
| be handed out by our federal government, it | | | | government pay for this for you and give you a |
| would behoove you to look into refinancing a | | | | true no closing cost refinance loan. There's billions |
| mortgage. | | | | of dollars that are going to be handed out over |
| When you refinance a mortgage you are trading | | | | the next year for this purpose so it would be |
| your existing mortgage for a brand new one. With | | | | wise to talk with a mortgage professional who will |
| all time low interest rates and government | | | | increase your chances of qualifying for this |
| incentives, now is the best time in history to | | | | government money. |
| refinance a mortgage and should be seriously | | | | You will want to talk with a few mortgage |
| considered by any homeowner planning on staying | | | | professionals as some are much more |
| in their existing home for at least another 3 years. | | | | knowledgeable than others and can end up saving |
| Any length shorter than 3 years would, under | | | | you thousands of dollars. The best way to get |
| normal circumstances, would not be a wise | | | | multiple quotes from various lenders is to fill out |
| financial decision. However, if you could get the | | | | an online application through a multiple lender site. |
| government to pay your closing costs, then it | | | | These sites will provide you 3-4 qualified lenders in |
| really doesn't matter how long you plan on living in | | | | your area and it is then up to you to determine |
| your home. | | | | who will be able to get you the best deal. With |
| Getting a true no closing cost refinance loan is | | | | billions of government grants ready to be passed |
| now a reality for millions of Americans applying | | | | out, it is definitely worth your time to apply. |
| for a refinance. The Obama mortgage relief plan | | | | |