No Closing Cost Mortgage in California
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Can I get a home loan with no closing costs?
Buying a house is expensive, but your expenses don’t stop there: you will need to spend some money on home improvements, repairs, etc. So, it makes sense that after you have paid your mortgage loan you want to have some finances on hand that you can invest into the property.
However, you also need to pay a closing cost which usually includes: homeowners insurance and property taxes, third-party chargers 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.
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What Are No Closing Cost Home Loans?
No closing loan will help you save some money, but you need to understand that this is not a free loan. It is essential to know how this type of loan works to make the right decision. If you don’t pay the fee at the closing of the deal, then closing costs are included in the loan.
The lender will pay this money on behalf of the borrower, but in exchange for paying the fees, he will raise the mortgage interest rate. Also, you can get a no closing cost refinancing in this way. So, if you opt for a zero-closing cost mortgage, then you will have to pay a higher interest rate over the lifespan of your loan.
How Does Zero Closing Cost Mortgage Work?
Instead of paying a lump sum of money upfront, you pay a little bit extra with the interest on your loan. When you decide whether to use a no closing cost mortgage you need to do your math or contact us, so we can estimate how much extra you will pay month after month.
This kind of loan makes sense if you are not planning to stay in your house for more than five years. In this case, the amount you overpay each month on interest will not be higher than the money you need to pay when closing the deal.
Applying for a No Closing Cost Home Loan
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.