July 26, 2020

Exploring no-closing-cost mortgages

Every mortgage loan comes with closing costs that can add up quickly. And that can create a challenge for some home buyers and refinancers short on the extra cash they’ll need to fork over at closing time. Fortunately, many lenders offer a no-closing-cost mortgage option. This means you won’t pay closing costs in a lump sum on your day of closing. Instead, these expenses can be rolled into your loan balance or padded into your interest rate.

There are advantages and disadvantages to pursuing no-closing-cost home loans. And not everyone is a good candidate for this strategy. Learn the facts, do the math and determine if this is your best option after reading my article on this topic for Bankrate.com, available here.