The No Closing Cost Mortgage
The No Closing Cost Mortgage
Mortgage Warehouse offers a very popular no closing cost option on many of our loan programs. Many banks offer a “no point” mortgage where they don’t charge fees, however the borrower still must pay for some items such as title search and appraisal fees. With our true no closing cost mortgage, the borrower pays no closing costs period!
Common Questions About Our No Closing Cost Loan Program
The following are general questions and answers regarding our popular No Closing Cost home loans. Because underwriting rules and guidelines change often and each borrower’s situation may vary, these answers do not supersede the guidance of your loan professional.
Q: Why is a No Closing Cost loan a big deal? Will I really benefit and save money?
A: The average that a Florida homeowner pays for closing costs is $4,395 (as published by Bankrate.com). Our No Closing Cost customers avoid having to pay this $4,395 which results in a huge savings.
Q: Do you charge a higher interest rate on the No Closing Cost loan program?
A: Our No Closing Cost rates are typically at or below the national average. You can expect to get an interest rate that is just as low as what other places are offering but with us, you will avoid paying for all those closing costs.
Q: If there are no closing costs, how does Mortgage Warehouse make money?
A: We pay for your closing costs with some of the revenue that we make when we release the servicing of the loan in the secondary mortgage market. After paying for your closing costs, we still profit although our margins are not nearly as high as some other lenders and banks. We receive a lot of referrals and repeat clients which is a big part of our success and helps us keep our exceptional pricing.
Q: What is the minimum loan amount required for the No Closing Cost mortgage?
A: This varies with changes in the market but usually around $180,000. During periods of exceptional loan pricing, we have approved no closing cost home loans as low as $150,000. With smaller loan amounts, we significantly “scale down” the closing costs, but cannot waive everything. It is best to try our free mortgage review service so that we can price out your specific scenario.
Not sure who to call or where to start? Contact me today for a 100% free no-obligation loan inquiry analysis.
Matt Pell, Loan Officer
Mortgage Warehouse, LLC
(239) 672-8502 – Direct Line
(239) 344-9223 – Fax
Company NMLS ID – 137154
Individual NMLS ID – 1018529
Better Business Bureau Rating = A+
Posted on May 13, 2013, in Finance and tagged Appraisal Fee, Buy a Home, Buyer, Cape Coral Loan Officer, Closing, Closing Costs, Finance Me, Florida Loan Officer, Fort Myers, Fort Myers Loan Officer, Loan, Low Interest Rates, Matt Pell, Mortgage, Mortgage Warehouse, No Closing Cost Mortgage, Property Guiding, Real Estate Financing, SWFL Real Estate, The Mortgage Warehouse. Bookmark the permalink. Leave a comment.