What covers a no closing cost refinance?
A no closing cost loan would mean that all fees and points involved in your mortgage loan would not have to be paid by you up front. This might sound as if this is a great idea with you not paying any fees or points. Now ask yourself this question, they are not charging me any upfront fees, so how are they the lender or mortgage broker getting paid? We all know that no one work for free. You are able to get such a mortgage loan because your interest rate is raised to accommodate the fees and points you would normally pay. Now the other questions come into play when you would want to know if this is how would this affect me financial? If you pay the upfront fees and other closing cost you might be able to deduct these fees from your income taxes. With you not paying them upfront then this tax benefit would not be an option. On a purchase of a house you would be able to deduct these points and fees on your income tax all at once and in tax year you purchased your home. If you are doing a
