No cost Refinance, When they are the right Choice
By Michael Mapes-Suntrust Mortgage
(Sun Trust Mortgage)
No cost Refinance, when are they a good deal for consumersBy Michael Mapes, The Responsible Mortgage Lender Lets all give credit where credit is due. Countrywide and Bank of America have found a way to repackage an old idea and call it there own. Least not forget that Bank of America now owns a significant portion of Countrywide Home Loans. However, they should be given credit for an excellent marketing strategy.How does a no cost refinance work.A No Cost refinance works very simply. Mortgages today are unlike mortgages many decades ago where you had to wait for the bank to have the money to loan people. Today mortgages are backed by bonds called Mortgage Backed Securities. Bonds carry prices on them both negative (which is when borrowers pay points) and positives (when a borro...
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