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No Closing Costs Loan – Good Idea?

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No Closing Costs Loan – Good Idea? This page updated and accurate as of October 18, 2019 FHA Mortgage Source We often hear about lenders and banks offering "No Closing Costs" mortgages that are supposed to save home buyers money.

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Beware of "No Closing Costs" Mortgages But are the extra costs worth it, and are FHA loans a good idea?. The upfront MIP of 1.75 percent would tack on an additional $7,261 to your closing costs, bringing upfront costs to $22,311. The annual payments (at .85 percent of the loan amount) would add another $3,500 to your yearly costs.

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However, with a no-closing-cost option, you don’t pay for those items up front. Taking that route essentially means you pay a higher interest rate for the term of the loan, because you’re borrowing.

Get a no-closing-cost mortgage and a low rate, too ; What is a mortgage refinance, in plain English. Lender-paid closing costs and a low rate, too. Good news, however. Today’s market rates.

Good vs. Bad Spending. 1ST MORTGAGE NO CLOSING COSTS LOAN. This is a great product if you’re looking to refinance at a five-, 10-, or 15-year term, or with a 20-year balloon-and you don’t want to pay any closing costs.

If you plan to stay in the home long term, it is usually a good idea to go ahead and pay the closing costs and take the lower interest rate or lower total loan balance. The reason: Over the long term, you’re likely to pay more in interest than you would have in closing costs. When a No-Closing Cost Refinance Makes Sense

No closing cost vs. traditional mortgages. Let’s compare overall costs on a traditional mortgage versus a no closing cost option. Say you want to borrow $250,000 to buy a home and are looking at 30-year, fixed-rate mortgages. Lender A is offering a traditional mortgage with 4.5% fixed interest rate and $3,000 in upfront closing costs.