Mortgage Refinance No Closing Costs

Want a mortgage refinance no closing costs loan?  There is no such thing as a no cost closing cost loan.  In order for us to offer you a no cost closing loan, we have to be able to raise your home mortgage rate.

What are closing cost versus prepaid items?

Closing cost consist of the lenders fee to underwriter the loan, the credit report fee, the appraisal report, and title fees.  Prepaid items are your impound accounts.  This consists of your real estate taxes and your home owners insurance policy.  When you close a home loan and your home owners insurance policy or your real estate tax bill is due soon then you will pay a higher impound amount for your reserve requirements  If you obtain a rate and term refinance we can add in your closing cost and impounds to your loan amount.  However, if you obtain cash back, we can do this. Rather the lender will subtract out your closing cost and impound amount from your cash back amount.

How much do title fees costs?

Your loan amount determines your title fees.  Plus, every single title company has different fees.  If you sign at a title company that is located in a nicer part of town with fancy office fixtures then I can pretty much guarantee your title fees will be higher than if you were signing at another middle class location.  How do we choose a title company?  To us it doesn’t matter.  We will let you pick the title company or I will choose the title company based on whomever has lower costs, is more convenient for you, and provide excellent service.

I prefer to use a title company that can provide me with your title work within 48 hours.  There are a couple of large title companies that outsource their title work to a foreign country.  This whole process is very slow.  It takes up to 10 days just for me to get your title information.  Worse yet, if they make a mistake and need to redo the document it takes another 10 days.  I don’t like using these title companies if you choose to go with one of them I will definitely let you know about their poor service.

For more information on mortgage refinance no closing costs, please call our office directly at 602-358-8717.

Prefer to fill out an online application versus a paper form?  No problem.  We can send you a link to fill out the loan application online.  To start the process call our office at 602-358-8717 and tell us you would like us to email you the link to fill out the online application.  It’s as easy as that.  If you aren’t comfortable filling out an online application, no problem.  We can email you the forms to be filled out, scanned, & sent back to our office.

 

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