Closing costs take the fun out of buying or selling a home, yet they're a necessity. There are so many third parties involved in the buying and selling process and none of them work for free. Real estate transactions must be transparent and if there are any parties within the transaction that have a formal relationship, that relationship must be made public. For example, a mortgage company and a real estate company might have a formal business relationship. No harm there, it just needs to be made clear to the buyers and sellers in a transaction.
There are attorneys and appraisers and title insurers and home inspectors and... well, let's just say a lot. Review any closing statement or good faith estimate of closing costs and you'll see what I mean. But what about those lenders who have no closing costs? What about lenders who say there will be no closing costs whatsoever if you get your mortgage with them? How do they do that and if they can why don't all lenders offer the same program?
They do; you just have to ask.
Any lender will have at its disposable maybe eight, nine or ten different interest rates for the very same loan program. The lower rates will cost more in the form of points and a higher rate will have no points. Still higher rates are offered and if you choose a higher rate the lender will be more than happy to pay for your closing fees.
Just as one point on a mortgage will reduce your rate by about ¼ percent, increasing an interest rate by ½ percent can actually provide a lender credit, sometimes up to two or three percent of your mortgage amount. If you can get a $300,000 mortgage at 3.50 percent today with no points, you may also find a 3.00 percent rate if you pay two points, or $6,000. Conversely, by increasing your interest rate from 3.50 percent with no points ทาวน์โฮมมือสอง to 4.00 percent, the lender will present you with an option of paying two points toward your closing costs, or $6,000.
This is how no-closing cost loans work. Every lender offers them. But sometimes you do have to ask.
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