The No Closing Cost Mortgage – Part II
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: Is the appraisal fee included in the No Closing Cost mortgage?
A: Yes. With regards to the appraisal fee, borrowers will pay upfront for this service (typically $300-$400) and Mortgage Warehouse will reimburse this fee at closing. If for any reason the loan does not close, Mortgage Warehouse does not reimburse the appraisal fee.
Q: I know some states have additional taxes, variable costs and government fees that are paid at closing. Does it matter where my home is located?
A: Typically it doesn’t matter unless your property is located in Florida. Florida is a state that captures revenue from real estate transactions. Since we can’t waive these fees, we’ve made adjustments to our No Closing Cost loan program on Florida properties to help our customers get the best deal and simplify the process. On Florida No Closing Cost loans, we cover all closing costs except transfer taxes/document taxes.
Q: Does the No Closing Cost mortgage have a pre-payment penalty?
Q: Can I still qualify for the No Closing Cost mortgage if I have less than perfect credit?
A: The No Closing Cost mortgage was designed for those with credit scores of 740 and higher but some below this mark have been approved on a case by case basis. You really should try our free mortgage review to learn all of your options.
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 20, 2013, in Finance and tagged Appraisal Fee, Buy a Home, Buyer, Closing, Closing Costs, Finance Me, Fort Myers, Lender, Loan, Low Interest Rates, Matt Pell, Mortgage, Mortgage Warehouse, No Closing Cost Mortgage, Pre-Payment Penalty, Property Guiding, Real Estate Financing, SWFL Real Estate, The Mortgage Warehouse. Bookmark the permalink. Leave a comment.