Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least two points lower? That may have been true years ago, but with DNJ Mortgage's no closing cost loans ($0ClosingCostLoan), it makes sense to refinance if you can save .125%.   

When you refinance, you might be able to lower your interest rate and monthly payment -- sometimes significantly. You might also be able to "cash out" some of the built-up equity in your home, which you can use to consolidate debt, improve your home, take a vacation -- whatever! With lower rates and balances, you might also be able to build up home equity faster with a shorter-term new mortgage.

Typically, these benefits do cost something, though. When you refinance, you're paying for most of the same things you paid for when you obtained your original mortgage. These might include settlement costs and other fees, an appraisal, lender's title insurance, underwriting fees, and so on.  DNJ's no closing cost loan, however, will save you thousands in refinance costs.

You might have to pay a penalty if you refinance your previous mortgage too quickly. That depends on the terms of your existing mortgage. These penalties are illegal in some places, and more often than not when they're there apply only for the first year or two. I'll help you figure it out.

Ultimately, I will work with you to determine what program is best for you, considering your cash on hand, and how likely you are to sell your home in the near future.

About DNJ Mortgage

DNJ Mortgage is a locally owned and operated mortgage broker that has been in business for 21 years. We specialize in low and no closing cost loans. We are able to provide this service to our customers due to the volume of business that we originate on a monthly basis. We have strategic relationships with several national banks that offer us steep volume discounts which we then pass on to our customers. With the no closing cost loan, we are actually paying your closing costs and not rolling them into the loan.

DNJ Mortgage's corporate office is located in Raleigh, NC with an additional office in Charlotte, NC.  DNJ Mortgage services all of North Carolina as well as Colorado.