Benefits of No Closing Cost Mortgage to Purchase Your Home
No closing costs = Less money at closing
Closing costs are not allowed to be rolled into the loan when purchasing a home. With our No Closing Cost Mortgage, you can expect to bring $2500-$5000 less to the closing table.
No closing costs = Less debt
The average homeowner will move three times and refinance twice over the next 20 years. With average closing costs around $3000, the typical homeowner will have five different mortgages and spend $15,000 in closing costs. It is difficult to pay off or pay down a mortgage if you pay closing costs every time you move or refinance.
No closing costs = More money for your down payment
Instead of using your money to pay closing costs, let us pay your closing costs and you will have more money for your down payment, moving expenses, new furniture, etc.
Refinance with no closing costs if rates improve
After purchasing your home, you can refinance to a lower rate for free (No Closing Costs) if mortgage interest rates improve. Some people think they will have the same mortgage for 15, 20, or 30 years. In reality, the average homeowner will move or refinance within 3-5 years.
Eliminate PMI sooner
If you do not have a down payment of 20% or more, you will likely have PMI (private mortgage insurance). With PMI on your home loan, you will definitely want to avoid paying closing costs. Instead of paying closing costs, you are better off using that money toward a down payment so you have more equity. You will eventually want to remove PMI by refinancing once you have 20% equity. You do not want to pay closing costs on a home loan that you won't keep for very long.
Matt Pell
Senior Loan Originator, Mortgage Warehouse, LLC
Direct - (239) 672-8502
NMLS ID: 1018529
matt@mortgagewarehouse.com