Brian R. Barnes
nmls # 238617
a.k.a 'The Loan Professor'
In a buyers market, it is common for sellers to credit 50-100% of buyer's non-recurring closing costs.  

Understanding how no closing cost loans work  will hopefully keep you from throwing away money to junk fees.  
What you want to know from your lender is

  • What are the costs associated with my loan?

  • If paid upfront, what is my interest rate?

  • If rolled into my loan, what is my interest rate?

  • Can I pay for part of my closing cost and roll some of the costs into the loan to lower my rate further?

In order to compare loans and lenders, you will need to be comparing apples to apples.  Listen, nobody works for
free, not you, not nurses, not firemen, not banks and not "zero cost" lenders.  But it's a great marketing tool.
I prefer an upfront approach with my clients.  I don't charge junk fees.  My focus is to meet your needs when it comes
to securing financing.
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No Closing Cost Loans
There's no such thing as a free lunch, right?  Well,  when it comes to no cost loans, consumers
need to know the truth.  While there are no cost options, this means that the costs associated
with the loan transaction are rolled into the loan.  Basically you are borrowing your closing
costs.   
But you're still paying them.  "No Costs" sounds much better when marketing though, right?

This option may or may not increase the interest rate charged on the loan.  If you have the ability
to pay your closing costs, it may allow you access to a better interest rate in many cases.

Buyer's,  your Realtor can try and negotiate a closing cost credit from your sellers.  
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