How Does A No Closing Cost Mortgage Really Work? – New Florida Mortgage

mortgage closing costs. So often, I hear people speaking in very vague generalities about closing costs, and/or what they believe are mortgage closing costs. What these costs actually consist of though, are a mystery to many people, and it shouldn’t be that way.

Or, you can pay costs out-of-pocket and take a slightly lower rate. Either way, you have access to today’s ultra-low mortgage rates that are hitting levels no one expected. Rates are so low, in fact, that rate shoppers can often obtain a low rate and get the lender to pay their loan fees.

Taking out a reverse mortgage, however, could bar you from qualifying. Closing costs are typically higher for reverse mortgages than for regular mortgages and will eat up some of your equity. If you sign reverse mortgage documents, then get cold feet, you typically have three business days to back out of the deal.

Calculate your mortgage refinance costs. You’ll have to pay closing costs on a refinance, just like on an original mortgage. Don’t let those pesky fees lenders tack on prevent you from refinancing your mortgage. The goal of refinancing is to lower your interest rate or cash out on some of your equity, so if a new loan makes sense, do it.

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Every Florida Mortgage Corporation client has saved thousands versus any other rate, term, ARM or other mortgage program they might have chosen. With No Closing Costs the decision to refinance is easy. If our "No Closing Cost" rate is lower than your current rate, replace it and save. It’s that simple.

Pros and Cons of No-Closing-Cost Loans. I\’ve seen companies that offer mortgage loans with no closing costs. Is it too good to be true?. No closing costs usually doesn’t really mean you won’t.

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