Say you want to borrow $250,000 to buy a home and are looking at 30-year, fixed-rate mortgages. Lender A is offering a traditional mortgage with 4.5% fixed interest rate and $3,000 in upfront closing costs. Lender B is offering a no closing costs mortgage, with a 5% fixed interest rate and zero closing costs.
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Borrowers who are not as worried about accruing interest, or need every possible dollar at closing can choose to take the higher interest rate and receive closing cost credits that can cover all their financed costs in some instances leaving them with a No Closing Cost Reverse Mortgage option.
No closing cost refinance. One of the biggest drawbacks of refinancing a mortgage is the cost involved: lender fees, title insurance premiums and escrow charges, as well as payments to appraisers and other third parties. Even homeowners who could benefit greatly from refinancing may not be able to cover the costs.
No Cost Loan! | Starwest Mortgage – Normally, a mortgage loan will have closing costs associated with the transaction in the neighborhood of $3000 to $4000 or even more, depending on whether the borrower decides to pay points upfront. The way the no closing cost mortgage works is the lender gives Starwest Mortgage a broker rebate at closing,
No Closing Cost Home Loan | WesLend Financial Corp. – Why a no closing cost mortgage?* Purchasing a home or refinancing your existing one is easy with no closing cost options. At Lenox/WesLend Financial, we offer no closing cost mortgage options because we know the last thing you want to do after a home purchase or refinance process is spend more money.
When it doesn’t pay. That could end up costing you a lot more than the upfront fees if you keep the mortgage for a long time. Take the hypothetical example of two choices for a $150,000 loan. One has a rate of 3.75 percent with $3,500 in closing costs; the other has a rate of 4.25 percent, with no closing costs.
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He came back to me saying he couldn’t get a no cost refi from any of them because the balance on his current mortgage is too small. To get a decent rate for 30-year fixed, he’ll have to pay $1,500 to $2,000 in closing cost. It just doesn’t make much sense to pay that much to refinance a small mortgage.