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What is a “no-cost” refinance?

April 26, 2017Refinance

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What is a “no-cost” refinance?

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A “no-cost” refinance is one in which the costs of refinancing are recovered by the lender usually in the form of a higher interest rate , so the borrower does not have to pay the closing costs up front. In other words, the cost of the transaction is built into the interest rate.