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A true no-cost refinance means you pay no money upfront and neither your loan amount nor your interest rate is increased to build any costs into your new loan. To calculate a break-even point, divide the anticipated total cost of your refinance by the monthly savings on your loan payment.
If your home is in an area with significantly decreased values, it may be useful to get an appraisal before proceeding with a refinance. Refinancing a home loan can be costly. If you do get approved for a low interest mortgage, keep in mind that refinancing can be expensive, and closing costs can be high. While âno closing costâ loans may exist, they usually result in a slightly higher interest rate, and some fees may still be charged.