Our No Closing Cost Loan is our most popular loan program. Here are some reasons why:
YOU PAY $0 for:
- Appraisal Fees
- Underwriting Fees
- Processing Fees
- Title Fees
Mortgage Warehouse pays for all title, appraisal, and 3rd party fees resulting in absolutely zero closing costs paid by the borrower. How do we do that? By providing you with a Lender Credit at closing!
Unlike some lenders, Mortgage Warehouse’s No Closing Cost refinance does NOT roll your closing costs into your loan balance or into your monthly mortgage payment. With us, you end up having more equity in your home. Keep in mind that more equity in your home is important because it means more money for you whenever you sell your home.
4 Benefits of our No Closing Cost Mortgage
- Refinance for free if mortgage rates improve in the future.
- There is no guesswork or itemizing fees because there are no fees
- Finance a lower total loan amount
- Easier to eliminate PMI (private mortgage insurance) by adding to your home’s equity instead of using your hard-earned money for closing costs. Plus, removing your PMI means not having that additional monthly expense added to your loan payment.
The average homeowner will not keep the same mortgage for 15, 20, or 30 years. In reality, most will move or refinance within 3-5 years. This means that with average closing costs around $3,000 or more, the typical homeowner will have five different mortgages and spend more than $15,000 in closing costs over their lifetime. So essentially, over the years, you will be increasing your loan amount and never recoup the benefits of your lower rate.
A No Closing Cost loan can provide more savings than a loan with a slightly lower interest rate. A low-interest rate might seem like the best option but a lower rate will often come with higher fees and a higher loan amount.
If you plan on selling or paying off your mortgage within 5 years, a no closing cost option can be more beneficial than a loan with closing costs. In most cases, it takes multiple years to recoup the closing costs when refinancing.
How do you know if this type of loan is right for you?
- You do not want your loan balance to go up due to refinancing.
- You plan to sell or refinance your home in less than five years
- You want to remove your mortgage insurance (PMI) and have more of your monthly payment going towards reducing your loan balance.
- You need as much money as possible to pay off debt or other needs
Ready to get started?
We are experts in No Closing Cost loans! Mortgage Warehouse has been offering our No Closing Cost loan program for over 15 years. Our licensed loan originators can quickly assess your needs and goals and determine if you qualify for this program. We will compare our No Closing Cost loan program to our other programs to see which scenario will be the best one for your situation.
Contact us today to find out more or for a detailed Q&A on our No Closing Cost Mortgage!
Certain restrictions apply.