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Home : Blogs : Ed Gillespie, Loan Officer ~ Mortgages for greater Sacramento : Greater Sacramento Mortgage News & Views : Archives January, 2012

“No Closing Costs” Loan? Think Again. - 01/23/12 08:16 PM

“No Closing Costs” Loan? Think Again.
I recently had two clients opt to use an online lender rather than me for their financing. The reason? They believed they were going to get a VERY low interest rate AND pay “no closing costs”. That’s right. Gonna buy a home with nothing more out of pocket than the down payment!
I explain to clients that, with extremely rare exceptions, the only way to avoid or minimize closing costs is through the lender credit associated with the interest rate. The higher the rate, the higher the borrower’s credit for closing costs.
Face it—the title … (5 comments)

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Ed Gillespie, Loan Officer ~ Mortgages for greater Sacramento

Rocklin, CA

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Academy Mortgage (NMLS#3113, CA DOC #4170013)

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