How you guys doing this is Martin Mesa with
Rate One Financial. Welcome back to another episode of Mortgage
Mind. Today’s Mortgage Mind episode is entitled: No Fee Loans. Okay, everybody that has a loan on a house
is always looking to save money on it right. And you usually do that through what we call
refinancing. Refinancing is when you get a new loan to
pay off your old loan. And it usually makes sense if the interest
rate you can get now is lower than the current interest rate on your loan. Because getting a lower interest rate means
lowering your payment and saving money over the life of the loan interest wise. So that’s why refinancing usually makes sense. Now, if you are at a high rate right now, let’s
say anything about 4 and a half, 4.75 let’s say. There’s a good chance that you could probably
refinance that loan into a lower interest rate and you can even do it without closing
costs. I mean generally when you refinance, you have
to pay some costs. You got to pay escrow fees, title fees, maybe
an appraisal fee, lender fee, all that stuff. It could be thousands of dollars. But now that the rates have gone down, you
can actually do a refinance to lower your rate, lower your payment and actually do it
in a way where the lender covers all those costs. So it’s basically a no fee loan to you. Now it is true, that you can get a slightly
lower interest rate, if you agree to pay some closing costs like those things I mentioned,
escrow, title, appraisal, lender. But if you’re okay with a slightly higher interest
rate you might be able to do that loan with no fees. And you can even do it in a way where you’re
not going back in time. In other words, if your current loan is a
30 year loan and you’re 4 years into it, you’ve got 26 years left to pay off your house. You can make the new loan a 26 year loan so
that you’re not moving back in time. You’re still on track to pay your house off
in 26 years. And you’re lowering your rate, lowering your
payment and doing it for basically no fees. Anyway that’s a no fee loan. And it’s happening a lot right now. Okay, have a good one. We’ll see you at next episode of Mortgage
Mind and if you like what we’re doing please like and share these videos with your friends
and family. Have a good one.

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