Lonnie Cooper from The Rate Kings, discussed a new refinance option for homeowners. This new refinance option incurs NO closing costs which can be a huge benefit to the homeowner.

Rates as of Lonnie's presentation were around 3.5%. This means that a homeowner that purchased a home a few years ago at a rate of 4% and above could benefit from a refinance.

A refinance of a home can potentially save hundreds of dollars for the homeowner every month. Since the homeowner is essentially "re-buying" their home at the current rate, they will incur closing costs as part of the transaction. Lonnie discussed how he has access to a new refinance program that does not involve closing costs to the homeowner.

Here is a basic scenario that Lonnie described where a homeowner could refinance for a lower rate and incur no closing costs.

Let's say that a homeowner purchased a property just a few years ago for 4.25%. Current mortgage rates as of this presentation are at 3.5%. The savings of this transaction would potentially not offset the closing costs associated with the closing costs of the refinance.

This is where Lonnie's new program comes into play. Lonnie can offer the homeowner a lower rate of 3.75% and cover the closing costs. This means that the homeowner still saves 1/2 a percentage point and doesn't pay any closing costs.

In this scenario, the homeowner doesn't get the lowest current rate of 3.5% but does save a good amount of money every month by refinancing. They also save by not having any closing costs. In fact, this homeowner save 1/2% every single month just for signing their name!

In other scenarios that Lonnie discussed, it does make sense to use traditional refinance. Lonnie has mortgage options from most people. With direct access to the underwriters, even the most complicated situations can be handled quickly and painlessly.

Lonnie Cooper and the Rate Kings are experts in helping people purchase and refinance homes. For most of us, our home is our largest investment. Financing that investment should be trusted to Lonnie and the rest of the Rate King Staff.

Lonnie Cooper has been in the mortgage business for almost 20 years. He is licensed in Pennsylvania, Delaware, Florida, and Massachusetts. If you are purchasing a home, give Lonnie and the Rate Kings a call to get the best rates and best customer service around.

You can learn more about Lonnie and The Rate Kings at https://www.theratekings.com

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