Can I refinance (with zero closing costs) and put my house on the market or do I have to commit to living here 1 more year first?

Firstly there are always closing costs, but they can be paid with a lender credit which would mean no added amount to the principle balance, but usually means you will be getting a higher rate. There are no prepayment penalties allowed on Fannie or Freddie loans so you don't need to live there for a year. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

Yes, this is something you can absolutely do. There are some third party fees involved in every real estate finance transaction but we can provide you with a lender credit that will cover all the closing costs resulting in a "no closing costs loan". This will result in a slightly higher than "Par (going rate)" interest rate but it makes sense if you can keep your loan balance the same, save equity for the sale of the home to be received in the final proceeds of the sale and it can save you a couple hundred a month on your payment while you list your home to sell which may take 6 month to a year depending on the circumstances. Sounds like a winning situation for you but your current situation needs to be analyzed to see if it is a good fit and what the options are. We would be happy to give you a free mortgage review. Call me at 502-272-4461 (Ryan Wheeler) or ryan.united@polarishfc.com. www.unitedresidential.net. United Residential Lending Corp. NMLS #38072.Thanks,Ryan Wheeler, Branch Manager

As mentioned in previous post, there are closing costs with every loan. The bigger questions are: 1. What is my out of pocket cost?2. What is the rate? 3. How much are you adding to my balance? There are other factors that will determine whether a refinance willbenefit you. I would be pleased to discuss your situation & goals. Please contact me at jfrost@usavingsbank.com

Yes. Your costs would be built into your interest rate which would make is slightly higher but it still may make sense.

You cannot do this if this is your primary home. That's the key. You sign a form at closing specifically stating that you INTEND to occupy that home. Yes, plans change and banks do understand this.....................but you should have all of your ducks in a row because all they have to prove is malicious intent.

All of the previous lenders answered correctly with regard to your no clost options and if your intent to stay in the home is relatively short term, taking the lender credit and the higher rate will be the least expensive way for you to finance the closing costs. No one answered your question with regard to selling your home. You CAN NOT have your house on the market at the time of application. If you are using a Realtor to market your home, you need to have that listing terminated in WRITING. When your appraisal gets done the appraiser will be required to check the MLS records to see if your home was for sale and the appraiser will need to state if the listing is active or terminated. if it is active, you will NOT be able to refinance. the good news is you only need one day off the market to qualify.

There are ALWAYS closing costs - it is just a matter of how you pay them. A no closing cost loan is achieved by raising the interest rate. My question would be, why would you bother with a refinance if you are selling the house?

Call me and lets discuss your situation. I am a local lender here in Indianapolis. Everyone pretty much has it rtght as far as the closing cost and rate are concerned. However, if your lender uses Fannie Mae of Freddie Mac, they use standard documents or mortgage documents and it has the following clause in it: (6.) Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. I can be reached @ 317-566-6129, email: elewis@firstmerchants.comElden LewisFirst Merchants Bank