It might be, but it could also cost you in the end. Some lenders are willing to give you a refinance with no closing costs. In exchange, they charge a higher rate. Typically, they charge a 0.5% higher rate than if you paid the costs at the closing.
FHA Closing Costs FAQ Are closing costs included in an FHA loan? Closing costs are a fee charged for various items the lender charges. These fees are an additional cost that is added onto the amount of the loan. FHA does allow closing costs to be paid by the seller. A friend or relative can also gift the closing cost amount to the borrower.
A no-closing-cost mortgage may sound too good to be true. But if refinance rates are favorably low – yet scraping together the upfront fees is discouraging you from refinancing your mortgage.
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Types of Closing Fees. While there’s no universal way to determine closing costs for an FHA streamline loan, there are several types of fees you can expect to pay when you close.
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Closing costs One of the disadvantages of refinancing out of a FHA loan into a conventional loan are the closing costs. Closing costs are fees charged by lenders for originating the loan. The average closing costs are between 1.5% – 3% of the loan amount.
However, the FHA loan requirements for closing costs may vary depending on the nature of the loan whether it’s a new purchase FHA mortgage, a Streamline Refinance loan or an FHA Cash Out Refinancing loan. FHA loan rules say there’s one thing a borrower cannot do with closing costs, regardless of how they are paid.
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Some lenders offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction. FHA does not allow lenders to include.
Closing costs vary significantly by where you live, says Brian Sullivan, public affairs specialist for the U.S. Department of Housing and Urban Development, which oversees the FHA mortgage program.
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