When rates drop it’s time to take advantage. Michael S. Rosenbaum, Vice President of NGG Mortgage, describes how to structure a ‘no cost’ refinance. Let the lender pay all the transactional closing costs while ensuring no increase to loan amount.

When doing a refinance structured this way it makes sense to take advantage even for the most marginal improvement in rate and payment. By applying the payment savings towards the loan each month a borrower can accelerate loan payoff.