On some refinances you can choose to have your lender pay for all
your Non-Recurring Closing Costs. This is often referred to as a No
Points No Fees Refinance. (Also commonly referred to as "No Fee
Refinancing", "No Closing Costs Refinancing" or "Zero Closing Costs
Mortgage".)
"In order to get a No Points, No Fees mortgage
you will need to accept a higher rate than a normal
No Points mortgage!"
Non-Recurring Closing Costs include the following:
Appraisal Fee
Credit Report
Lenders Fees
Broker Fees
Title Insurance
Escrow Fees
Recording Fees
Items that do not qualify as Non-Recurring Closing Costs are
Property Taxes, Interest, and Insurance.
"Be aware that No Points & No Fees loans may not
be available on smaller loan amounts!"
Your credit cannot exceed your total Non-Recurring Closing Costs.
No cost loans have existed in the mortgage industry for over 15
years, I recall first being introduced to them in the early 1990’s.
However you frequently hear this loan product referred to recently as
if it were new or unusual which it is not. No cost loans have gained
popularity across the country during the refinance markets of recent
years as a result of swelling property values and the consequently
increasing loan amounts.
"Note that many lenders will not do a no cost loan
for loan amounts under $250,000!"
Today, due in part to unscrupulous lending practices occurring in the
sub-prime market, lenders are appropriately under increasing
scrutiny and consumers are now leery of all seemingly questionable
lending activity. Therefore given the current state of high alert in the
lending industry in general, consumers are on guard and looking for
misleading information being dispensed by lenders.
"Some lenders use the No Points, No Closing Cost
as a bait and switch tactic!"
They either get your application pre-approved and then tell you that
you do not qualify for that offer or, even worst yet, they wait until you
are at settlement and you find out when you are signing the loan
documents!
"A No Points, No Closing Cost loan can cost you
more than $59,000 over the life of your loan!"
If you compare the total payments on a $240,000 loan at 7% for 30
years with a total of $2500 in closing cost and a 2% fee with the same
loan at 8% and no fees and no points, you will pay $59,040 more
over the life of the loan!
"When lenders compete, you win...DON'T FALL
FOR IT!"
We have all heard the ads on television or seen the pop-ups on the
internet. This is nothing more than a marketing company. Once you
call them or fill out their online loan application, they will forward your
information not just to 4 lenders, but it is also sold to other lead
companies! Before you know it your inbox is filled with bait-and-switch
offers and your phone will ring constantly all hours of the day and
night. It will be months before you can stop the calls!
"Advertising on television and radio is expensive...
and you are paying for it!"
Advertising cost this companies millions of dollars! How do you think
they pay for it? By charging you more for your loan!
Get your loan from me! I am a local professional that knows the
market. I have a team of professionals that treat you with dignity and
respect, not just like another number.
I want you to be my client for life!
I know you want what every borrower wants from their mortgage professional; clear
communication, integrity, a smooth process, and a competitive program and rate.
When you work with me, expect nothing less. I want you as my client for life!
Call me now and I can arrange a mortgage planning session.
So call me now at (888) 956-7060
Talk to you soon, Paul
|
Call to find out,
"HOW YOU CAN FINALLY STOP DEBT FOREVER!"
1 (888) 956-7060 ext. 222
|
Got a question? Call me at (888) 956-7060
or contact me NOW!
|
The Local Home Loan Specialist
|
No Points, No Closing
cost can cost you dearly!
|