Video Transcript:
The term “no-cost” refinance is very misleading, especially for military families. These costs are not gone; they are just moved into the loan or your rate. My process finds these hidden costs. I'm David Ghazaryan. We see lenders add fees to the loan balance or just give you a much higher interest rate. We use one simple math rule to find the most important answer. Divide total closing costs by monthly savings to learn your break-even point. (Data may vary over time) This break-even number tells you when your savings actually begin to count. If you move your home before that month, you have simply lost your money. For military families, constant moving makes this calculation the most critical step. A thirty-month break-even is a guaranteed financial loss if you move in twenty-four months. I show this entire calculation in the full article linked right below. For ongoing analysis, you can follow me on my social platforms. See links in description.
Read Blog Here: https://www.iqratemortgages.com/blog/the-real-cost-of-a-no-cost-va-irrrl-in-florida-4edb8
