No Closing Cost Mortgages
No Closing Cost Mortgages have been our niche since we opened our doors nearly ten years ago. There was a time that if you wanted a new mortgage you would end up paying two points plus other closing costs to get your loan. On a $300,000.00 mortgage, the fees could total $9,000.00 or more. This was an expensive and costly option. Unless you new for sure that you were going to stay in the home and you had a crystal ball that told you that interest rates were at the bottom of the market, this made no sense at all.
With the IMG No Cost Mortgage you pay absolutely no closing costs for your new loan and on a refinance, no fees are added to your current loan balance! IMG’s interest rates for our No Closing Costs mortgages are very competitive. In fact, they are similar to the “effective” rates in Freddie Mac’s weekly rate survey for fixed rate mortgages with fees. How is IMG able to offer such low interest rates? We have low overhead and we work with many different lenders. We use the Yield Spread Commission or YSP that our investors pay us to pay all of your fees. Our No Cost Loans are slightly higher than our No Point loans but are still comparable to our competition which charges points and additional fees.
The closing costs that IMG pays include all non-recurring fees. This includes your title, credit, appraisal, escrow and all of the lender fees. The only items that we do not pay are your taxes, insurance and interim interest. Under this option, IMG is paid by the lender from the remaining YSP that is left after paying all of your loan fees.
You can forget the old rule of thumb that you need to drop your interest rate by at least one percent before a refinance makes sense. With absolutely No Closing Costs, even a 1/8th reduction can save you thousands over the term of your loan! A 1/4 point difference in your interest rate can shave over two years off of the term of your loan.
At IMG we pledge to monitor your mortgage after closing and keep you updated on the changes in the market. We will contact you at every opportunity when we can lower your rate at no cost. If we can lower your rate and payment at no cost, why wouldn’t you do it? We are sure that you will agree with our clients that a No Cost Loan is really a no brainer. Contact us now to see how much you could be saving.
Looking for a new mortgage? Click here.
To speak to our loan originators please call:
(425) 697-5955 or Toll Free (888) 563-9234
Restrictions apply, not all borrowers will qualify, requires lender approval. No closing cost option is generally available for fixed rate loans. Some ARM mortgages. Minimum loan amounts of generally $200,000 and above 5% equity. Actual interest rate can vary depending on credit score, cash-out loan and impounds. Freddie Mac effective rate is without quoted buy-down points. Not all documentation types may be available.
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