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Can I refinance my mortgage with no closing costs in chino ca?

by sam.guidry497 from Chino, California. Oct 2nd 2014 Reply


Shane Milne (ShanetheMortgageMan)
#824 ranked lender in California - 4 contributions

Yes, it can be possible to do so.The way it works is that you accept a higher rate than if you paid your closing costs, and by taking the higher interest rate you get a "closing cost credit" which pays for the closing costs on the loan.So for example if 4.250% was the rate where you pay your own closing costs and do not receive any closing cost credit, a 4.500% rate may give a closing cost credit in the amount of 1.500%. If your loan amount is $200k then that 1.5% credit would equal a $3,000 closing cost credit to pay your closing costs with.Shane MilneNMLS #81195shane@thebesthomeloans949-273-4161 direct

Oct 2nd 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes and No.. all loans, regardless of how it's sold to you, have closing costs.. Lenders, title companies, appraisers, attorney's, etc... all of them will not work for free.. so the real question is how to get the closing costs paid.. typically in a refinance transaction, you can do it one of 3 ways.. 1. Bring cash to the table for all your costs. (not what you want) 2. Add the closing costs to your new loan amount, not necessary to bring cash to close. 3. Ask your lender to pay the costs.. he can do this by charging you a higher than Par interest rate and use the income from that overage to pay your costs in the form of a "Lender Credit".. but make no mistake.. regardless of which way you choose to go, it's you paying the costs.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 2nd 2014
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Steven Marche (stevenmarche)
#781 ranked lender in California - 12 contributions

Anywhere in California. There is no free lunch. To obtain the lowest rate, you add the third party costs to a 0 point loan. If you do not want to add to the loan amount, then the rate has to suffer. Your choice. Again depending on the loan amount how much the lender can pay for your closing costs, the lower loan amounts the higher the interest rate would be to accomodate your closing costs.

Oct 2nd 2014
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Blake Kleckner (BlakeK)
#357 ranked lender in California - 250 contributions

It is possible to pay nothing out-of-pocket at the close. In fact, it is also possible to pay less than nothing, that is, a portion of the non-loan costs such as interest to your old and new lenders, or the funding of an escrow account, can be paid if your loan is structured properly. I did a purchase loan for a client who actually received $166 back at the close, and paid about $800 less than his down payment for the loan! It all comes down to knowing how to structure a loan. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing more than 40 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.

Oct 2nd 2014
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Jamie Lynne (nationwidelenderforyou)
#142 ranked lender in Texas - 575 contributions

You will see advertisements stating NO CLOSING COSTS, but what they fail to mention, is you are paying a higher interest rate. The higher the lender compensation to cover the costs the higher the interest rate and vice versa. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been lending nationwide since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803

Oct 3rd 2014
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