No cost refinancing mortgage implies that you don’t have anything to pay out of your pocket while opting for refinancing. The lender will either waive you off or else allow you closing costs along with the rates. If you are not ready to pay for these costs you might as well have to settle for higher rates of interest. However it would only be advisable that you as a borrower come to terms with the fact that there are actually very little chances of availing an absolutely zero cost mortgage refinance since mortgage closings always involve a certain fees including credit agency fees, lender fee, title search, title insurance etc.
Please make sure that you are aware of the other options like cash out mortgage, no document mortgage loan and FHA streamline mortgage so that you can duly make use of them as per your needs. Keep yourself updated about the latest trends in mortgage refinancing, check out the mortgage refinance rates online; consult the services offered by the prime mortgage lenders in the market before settling for mortgage options. One of your crucial responsibilities as a borrower would remain comparing the refinance rates offered by most of the lenders and settle for one of them accordingly.
Borrowers generally opt for mortgage refinancing when they find it a bit difficult to keep up with their present mortgage rates. The present housing crisis has made things further difficult for them with lower resale values. Refinancing of mortgage involves a loan revision whereby the borrower either gets a chance to pay lower rates of interest or else a revised loan term so that he has to repay lower than what he was supposed to earlier. As a borrower if you are looking for No cost mortgage refinance rates then you can go through the write up in a bid to bolster your own knowledge about the mortgage products that will be available for you.