The No-Cost Refinancing Myth

Although Spruce Mortgage offers a refinancing mechanism that builds your closing costs into the transaction as a lender credit, we typically do not advise using these loans.

There is no such thing as a “no cost” refinance. This transaction entails getting a higher interest rate for the life of the loan and is typically not feasible unless you will only have the loan short term. Again, your loan officer can run your specific numbers to see if this makes sense, but the best alternative is typically to increase your loan amount so that you will not need to bring any money to closing.

Have additional questions or concerns?

Please contact us and one of our friendly loan officers will be happy to address them for you.