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No-Closing Cost refinances: This refinance option reduces greatly upfront
fees. You will pay few upfront fees to get your new mortgage loan. In fact as
long as the prevailing market rate is lower than your existing rate by 1.5
percentage point or more, it is financially beneficial to refinance because
there is little or no cost in doing so.
Cash-Out Refinance: This type refinance may not help you lower the
monthly payment or shorter your mortgage periods. It can be used for home
improvement, credit card and other debt consolidation if you qualify with your
current home equity; you can refinance with a loan amount larger than your
current mortgage and keep the cash difference.
Jumbo & Super Jumbo Refinance: For mortgages above $417,000 and
$650,000 or $1 Million respectively, a jumbo or super jumbo refinance will be
required, which may bear a slightly higher rate than a conventional mortgage
refinance.
WE STRONGLY RECOMMEND YOU SHOP FOR MORTGAGES and UNDERSTAND RATES, TERMS,
PRE-PAYMENT PENALTIES, BALLOON, CLOSING COSTS, FEES, APP FEES and MORE.
Do not close a refinance without consulting an independent attorney.
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