No closing cost mortgage loans are usually associated with refinancing mortgage loans. The No Closing Costs Loan program is ideal for homeowners who want to lower their monthly payments without paying any closing costs. The closing cost usually include underwriting and processing, title and escrow fees, flood cert, county recording fees, credit report fees and other miscellaneous expenses depending on the area you live in.
No Closing Cost loans allow you to avoid closing costs by selecting a slightly higher interest rate. When you choose a no closing cost mortgage loan you receive a rebate that will pay your loan closing costs, allowing you to close with no money up-front or taken out of your new mortgage loan.
For more information about the rights you have as a home buyer and borrower, including the types of fees that lenders can charge, see the U.S. Department of Housing and Urban Development Web Site, especially the section about settlement costs and information.
We are here to help you with your next mortgage loan call and talk to one of our loan consultants about our No Closing Costs Mortgage Loans today (888) 834-1988.