No Closing Cost Loans

Refinance or Purchasing with NO Points and NO Fees!

On most refinances you can choose to have your lender pay for all your Non-Recurring Closing Costs, also known as "No Points No Fees" Refinance, NO Free Refinancing or Zero Closing Cost Mortgage.

In order to qualify for Refinancing with No Points and No fees you will have to accept a slightly higher rate (.250% to .500%) than a normal No Points Mortgage.

With a no closing cost loan program, the borrower does not pay the costs typically associated with a loan closing such as:

• Credit Report
• Lender Fees
• Broker Fees
• Title Insurance
• Recording Fees
  

The borrower does not pay any points either. In addition, the borrower pays no application fee and no rate-lock fee. At closing, you are provided with a full "HUD 1" settlement statement showing a lender credit for all normal closing costs.

The borrower is only responsible for 3 items.

• Pre-paid interest - This is interest from the date-of-record of the loan until the end of the month. This interest charge takes the place of the first month's mortgage payment. For example, if your loan goes to record on March 20, you would be charged for 11 days worth of pre-paid interest and your first mortgage payment would be May 1. The purpose of pre-paid interest is to bring you up to speed with the bank's monthly cycle of collecting payments on the first of each month. Pre-paid interest can be rolled into the loan amount if the client wishes.
  

• Escrows - The client is responsible for funding an escrow account with the new lender for the purpose of having the lender pay the property tax and homeowner's insurance bills. The amount escrowed depends on what part of the payment cycle you close in...it can be as few as 2 months or as many as 11 months. In the case of a refinance, you will receive a check for a similar amount from your old bank after closing for the balance of your escrow account with them. Escrows are mandatory of your LTV is greater than 80% but can be waived (for a small fee) if your LTV is less than 80%. The fee to waive escrows is typically 1/4 of 1% of the loan amount and goes to the lender, not to us. Escrows can be rolled into the loan amount if the client wishes.
  

• Appraisal - We ask that our clients pay the appraisal fee directly to the appraiser when it takes place. This amount is then credited back to you at the closing table.
  

No closing cost loans can be used for either a refinance or a purchase transaction, although they are most commonly associated with a refinance. A no closing cost refinance is the quickest way to generate immediate interest rate and payment savings with no upfront investment in closing costs. Should interest rates continue to decline, the borrower can simply refinance again to obtain additional savings.

In our line of thinking, you should be able to refinance any time you want in the future if rates improve. That's why we continue to pay your closing costs again and again to keep your rate as low as possible. Of course, we are limited by the market. If rates go up it is difficult to get a better rate. If rates improve, which they usually do eventually, we will take your rate down at no cost. That is the benefit of doing a loan with no costs. As long as rates are falling you can continue to take advantage of even small decreases in rates. There are no time limits to this process. You may refinance as many times as you like. PLEASE NOTE: Due to market changes there is now a 6 month waiting period before you can refinance.

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Reach us at:

Georgia Lending Partners 2401 Macy Drive Roswell, GA 30076