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Home | Up | No Cost Refinance | Home Equity Loan | Rate & Term Loan | Debt Consolidation | Cash Out Refinance |
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Mexican Financing: House as Down Payment, No
Cost Refinance |
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The idea
behind a no cost loan is nothing new, however
many ask "Why, if the loan does not cost anything,
would everyone not just opt for a no cost loan?"
A no cost loan
actually does not have any closing costs because
they are built into the rate. Instead of paying
for the costs upfront you pay for them over time
in the form of a rate which is slightly higher
than the market is offering. Some lenders
advertise a no cost loan as a loan where the
client brings no money to closing but then adds
the costs into the loan amount. Now that type of
loan is costing you money. The general rule in
determining if a no cost loan is the best way to
finance a property is the higher the customers
income and the shorter period of time they
expect to stay in the mortgage for, the more
advantageous the no cost loan is to them. |
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phone: 952-857-2500, fax: 952-857-2501, toll-free: 800-281-5658
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