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How Do No Closing Cost Loans Work?

Are you wondering how "no closing cost" loans work? The answer is simple, your lender raises your interest rate. You can actually raise your interest rate high enough that your lender has to pay you when you close on your mortgage.

What this means is, you will be paying a higher interest rate for the life of your loan, in order to get money back now. This is a benefit if you plan to be in the home for 2-3 years or less.

This means that for a short time frame, your payment only goes up a few dollars a month before the home is sold, the mortgage is paid off, refinanced, etc.

So, you if know that you will only being paying on your home for a few years, I recommend taking a higher interest rate with no or low closing costs.

It's critical that you understand how interest rates affect you. Call me today and I'll find the best rate for your needs.

Tom Stone
Mortgage Banker
(385) 800-1190
NMLS ID# 257849
CO NMLS 3274
Equal Housing Lender

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