One Dollar Closing Cost Mortgage Program
The Loan One $1 Closing Cost Program offers:
- Competitive Rates
- No points*
- Fixed Rate and Term (15 or 30 year)
- Conventional, FHA and VA
- Fast service – close your loan when you expect
- Refinance your existing loan and use more of your equity for what you want
- Purchase your dream home with less money out of pocket
Is a low closing cost mortgage right for you?
Sometimes the upfront fees and costs of a mortgage deter potential homebuyers from applying for a loan. What many are not aware of, is that there are mortgages available with low closing costs that can help take the pressure off of your upfront payment. If you’re wary of high application costs for your mortgage, a low closing cost loan may be right for you.
Features and Benefits of a Low Closing Cost
With a low closing cost, borrowers are able to use more assets towards the down payment or a larger loan. In the case where the home seller is paying part or all of the closing costs, the borrower’s money can be applied to buying down the interest rate. The money saved upfront could also help obtain reduced PMI or no PMI with a lower Loan-to-Value ratio. These mortgages are also attractive to realtors since it allows them to show more expensive homes and earn higher commissions.
If a borrower is looking to refinance they will have the ability to have greater cash out. If a borrower is pursuing a refinance a low closing cost with tight appraisal values can be the difference between PMI or no PMI and in some cases getting a loan or having a dead deal.
For borrowers looking to be in a house for less than 5 years, or if a renovation project is in the works, being able to do an ARM or a Fixed mortgage with low closing costs can be an attractive option as you will not recover the savings from a lower rate vs. closing costs.
If you are interested in a low closing cost mortgage contact one of our mortgage bankers.
*Borrowers may select a lower interest rate in exchange for discount points.