Video Transcript:
A “no-cost” loan offer often hides the truth from you. They simply add thousands of dollars right onto your new loan, making you owe more. I’m David Ghazaryan, and I see how this works every day. Lenders either add costs to your loan, or they offer a higher interest rate. Here is the simple math to use. Divide total costs by your monthly savings. (Data may vary over time) For example, six thousand dollars divided by two hundred is thirty months. This number is very important for you. If you sell your house before reaching that break-even point, you will have actually lost money on the deal. There's another big cost they don’t mention. Your new 30-year loan restarts the clock, which makes you pay many more years of extra interest. To see a breakdown of these loan tactics, find my platforms. The complete article and other resources are on my website; see links in the description.
Read Blog Here: https://www.iqratemortgages.com/blog/florida-va-irrrl-analyzing-no-cost-refinance-offers
