No Closing Cost Mortgage
in California
- 5-Star Rated Mortgage Broker
- No Closing Cost Refinance & Purchase
- Avoid Paying any Closing Fees
- Residential and Commercial Loans
- Office located in Los Angeles
What type of property are you refinancing?
Single Family
Multifamily
Condominium
Townhouse
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
What type of property are you purchasing?
Single Family
Multifamily
Condominium
Townhouse
Are you a first-time home buyer?
Yes
No
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
Final Step
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Summary
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Can I refinance my mortgage with no closing costs?
Yes, you can refinance your home loan with non-recurring closing costs rolled in. Many homeowners ask, “Can I refinance my mortgage with no closing costs?” The answer is yes, and it’s often an attractive option if you’d rather keep cash available for property improvements or savings.
However, you also need to pay a closing cost, which usually includes: homeowners’ insurance and property taxes, third-party charges for appraisals, title insurance, and escrow services, and, of course, the lender’s fee. If you want to avoid paying this additional money, then a no-closing-cost home loan might be the right option for you.
What Are No-Closing-Cost Home Loans?
No closing cost loans help you save money upfront, but it’s important to understand that this is not a free loan. If you don’t pay the fees at closing, they are included in the loan or offset through a higher interest rate.
In this case, the lender covers the costs on your behalf but adjusts the mortgage rates, with no closing costs, slightly higher. This means you’ll avoid the big upfront expense, but you’ll pay more in interest over the life of the loan.
How Does Zero Closing Cost Mortgage Work?
Instead of paying a lump sum of money up front, you pay a little extra through the interest on your loan. A zero-closing-cost mortgage often makes sense if you don’t plan to stay in your home for more than five years. In that scenario, the monthly interest increase is usually less than what you would have paid in one-time closing fees.
In-Person at LA Office
1810 W Burbank Blvd #150, Burbank, CA 91506
Cell-phone
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On-line
Simply e-mail or use online-chat
Applying for a No Closing Cost Home Loan
An important step is selecting the correct type of loan for your situation to keep the closing cost to a minimum or to go for a no closing cost loan. Do your homework and study all the options that are available to you, whether it is a conventional loan, a VA home loan, an FHA loan, or any other.
If you need help figuring out if the loan is right for you, our Los Angeles brokerage team will gladly assist you with calculations and the ideal loan option for your situation.
No Closing Cost Mortgage in California FAQ
What is a no closing cost mortgage?
A no-closing-cost mortgage means the lender covers fees like appraisal, title, or origination. Costs are recouped through a higher rate or added to your loan balance.
How do I qualify for a no closing cost mortgage in California?
For the most part, qualifying will be similar to a conventional loan: higher credit score, documented income, and a good debt-to-income ratio.
Are there any drawbacks to mortgage with no closing cost?
The big negative to a no-closing-cost mortgage is that it may cost you more over the loan term. You’ll be paying more in interest due to the higher interest rate or increased loan amount. For example, financing an extra $3,000 in costs could mean an additional $1,500 in interest over 30 years at a 4% rate.
What types of fees are typically included in the closing costs that can be waived?
Fees that can be waived include loan origination fees, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges. You should ask your lender for a breakdown of what fees they would cover with a no-closing-cost mortgage offer.
Can a no closing cost mortgage be the right choice if I plan to be in this home for a short period?
Yes, if you plan to stay in your home for just a few years, a no-closing-cost mortgage may be your best deal. Since you won’t be in the home long, the higher interest rate won’t affect you as much as it would someone who planned on keeping their mortgage for many years.
Can I still negotiate rates and terms with a no closing cost mortgage?
Absolutely! Even with a no-closing-cost mortgage, one can and should negotiate with the lenders. Some will offer slightly lower interest rates or better terms than others, so it pays to compare a number of lenders.
How does a no closing cost mortgage affect my home equity?
With the costs rolled into the loan balance or absorbed through a higher rate, your immediate out-of-pocket expenses are reduced, but it also means you start with less equity in your home. If your loan amount increases, this reduces the equity you have when you begin repayment.
Where can I find the best offers for no closing cost mortgage in California?
Do your homework by consulting local banks, credit unions, and online lenders. You can also check out websites that compare mortgage products. Use reviews and trusted comparison sites to identify reputable providers offering no closing cost loans.
*These questions cover the essential features of the no-closing-cost mortgage in California, giving prospective homebuyers a better idea of what they may expect from the market and how to avail themselves of their alternatives.
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