Refinancing – Don’t do a no-cost loan if staying in your home for 5 or more years.

I read a good article in the New York Times about refinancing that I want to pass on to you:

HOME buyers concerned about high closing costs in this tight economy might be tempted by a type of loan that requires no cash outlay in exchange for paying a higher interest rate, especially because rates are already at historically low levels.

But these “zero-cost” or “no-cost” financing deals, as they’re known, could end up costing a borrower dearly over time, some mortgage experts warn.  Read on:

http://www.nytimes.com/2010/10/24/realestate/24mort.html?_r=1&ref=realestate

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