What is a No Closing Cost Refinance Loan?
When the broker or lender pays all of your closing costs on a Vermont refinance loan, it is known as a no closing cost loan. Closing costs generally include lender fees, document administration fees, credit report fees, title and escrow fees, and anything that is not a recurring cost. Recurring costs, such as insurance, interest, and property taxes are not paid by the lender. The Catch If you plan on getting a refinance loan that is referred to as a no closing costs loan, you will want to be careful. Some Vermont lenders advertise this package, but then roll your closing costs into your Vermont refinance loan. Others may cover their costs by charging a higher interest rate. While it is nice to get put of paying closing costs upfront, you will want to make sure that the rest of your refinance is also a good deal.
