What’s the catch w/refinancing mortgage at lower rate?

by spike55151

Question by Harry Gams: What’s the catch w/refinancing mortgage at lower rate?
Flagship Financial Group LLC wants to refinance our home. We have VA loan & Flagship wants it. Our home, like most people, has gone down in value from what we purchased it at. Flagship has no income or employment requirement & there will be no out of pocket costs to me.
What’s the catch? What can possibly go wrong with refinancing using Flagship Financial Group?

Best answer:

Answer by v b
Flagship gets paid. That means there are closing costs to this refinance. If you have no out of pocket expenses, that means the costs are rolled into the mortgage. These costs can run $ 5000. if you move in a few years rather than stay in the house for another 15 years, you could pay more overall.

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