Is No-Closing-Cost Refinancing in Overland Park right for You? No-closing-cost refinancing? It almost sounds too good to be true, doesn’t it? Although interest rates have been at record lows, getting together all of the upfront fees for refinancing your mortgage are discouraging you from moving forward. But, don’t be overly discouraged. A no-closing-cost refinance may be the solution, especially if you’re going to be staying in your home for a few more years. How does a No-Closing-Cost Refinance work? Closing costs on a refinance can run anywhere from 2% to 5% of the principal balance on your mortgage. These include the charges for the appraisal, recording fees, title search, and so on. However, some lenders will package a no-closing-cost mortgage by charging a higher interest rate of including these fees in the financing. What are the Pros and Cons? The pros of a no-closing-cost refinance include not paying upfront origination fees at closing. Not paying these upfront fees results in a shorter break-even point. On other hand, the cons of no-closing-cost refinancing include having a higher monthly payment and paying more interest over the term of the loan. https://maps.google.com/maps?cid=12393257419259215781