What is a "No Cost Mortgage"?

You may have heard the term "buying down the rate" when discussing your mortgage rate options. This is done when a borrower would like an interest rate that is lower than the standard rate for that time. An upfront cost is required at closing to obtain this lower rate. This is available because with each interest there is a price - either a COST or a CREDIT. 

The same principal applies when you'd like to reverse the roles. Instead of paying for your closing costs, we can assist with you a No Cost Mortgage by slightly increasing the interest rate and using the interest rate credit to cover your closing costs. 

Using this strategy, you can do a no cost refinance without any costs out of pocket and without rolling closing costs back into your mortgage, keeping your balance as low as possible. You can also use this strategy to purchase a home without having to pay any closing costs out of pocket. 

This strategy is available for all loan programs for California, Idaho, and Utah homeowners. 

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