No Closing Cost Home Mortgages
No Closing Costs Home Mortgage Loans provide the opportunity to avoid one time closing costs by selecting a slightly higher interest rate. When you decide to go with our No Closing Cost option, you receive a rebate that can offset the initial closing costs that may come with your home mortgage so you can get a loan with less money in advance. There are many closing costs that are commonly covered with the No Closing Cost option including title fees, escrow fees, appraisal fees, lender fees, credit report fees and other charges that are required or normally included in home loan closings.
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Instead of paying these fees up front, you can amortize them for the term of your loan. With home mortgage financing, there are many combinations of interest rate and point combinations that are available to you. At First Option Mortgage we are able to shop many lenders to get you the best combination. Our mortgage specialists also will have their finger on the pulse of the mortgage market and can help find the best deal for you so you can avoid closing costs. While some borrowers prefer a lower rate immediately, other home owners would rather conserve their up front cash for other things. For these borrowers, the No Closing Cost home loan option is preferable despite the higher interest rates because it requires less of an investment at the closing.
You can use our No Closing Cost option for a new home purchase or for a home mortgage refinance. In general the No Closing Cost option is a good strategy if you are going to keep your loan for up to three years. Beyond that you may want to consider paying some costs out of pocket to decrease your longer term interest rates because over time the money you will save on your monthly payments will make up for the up front expenses you paid.
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Imagine that your are currently borrowing at a 8.5 percent interest rate on a 30 year fixed rate conventional home mortgage and you are interested in refinancing at a lower rate. If you choose to refinance using the No Closing Cost option, then at a 8.25% interest rate your payment would decrease right away. If mortgage rates decline further you may be able to refinance again.
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