Comments for Financial Advice and Information

Comment on Does lenders every give home loans with ZERO closing costs ? by Bella

Bella — Sat, 05 Jun 2010 00:08:18 +0000

Zero Down Home Loan Advantages…

1. Provides Homeownership Opportunity

Without zero down mortgage loans, many people would be powerless to buy a home. Mortgage lenders offer a multiplicity of products, and certain programs have a loan-to-values that necessitates a substantial down payment. Rather than dedicate several years to saving for a starter home, first time homebuyers can take advantage of “no money down” mortgages, and buy a home in the near future.

2. No Upfront Costs

A zero down mortgage loan let’s borrowers keep their available cash, and use the money elsewhere. Use the money to update or re-model the property, which counts toward the improvement value, and increases the property’s worth. This type of home loans is perfect for borrowers who can’t pay for down payment and closing costs. They can select a mortgage that offers 100% financing, and pay the settlement fees in cash.

Comment on Does lenders every give home loans with ZERO closing costs ? by †Ask Me Anything†

†Ask Me Anything† — Fri, 04 Jun 2010 23:56:24 +0000

Nope
How do you think banks make money?
They gotta pay employees somehow
Closing costs are just a service you have to pay for.

Comment on Does lenders every give home loans with ZERO closing costs ? by Lisa L

Lisa L — Fri, 04 Jun 2010 23:11:16 +0000

You can get your lender to pay closing costs. It is done with premium pricing. The rate will be higher. Many of the closing costs associated with a mortgage are paid to someone else…appraisal, credit report, attorney fees, title search, title insurance, flood cert, recording fees, tax service fee, doc prep fee, etc. The mortgage company cannot charge you more that those companies charge them.