Equity Home Loans

Does lenders every give home loans with ZERO closing costs ?

1) Are there any banks which can give home loans without charging us any fees,etc ? 2)They are already making 3 times our loan price at the end of the 30 years, why do they still take the other fees ? (originating,closing....etc) Then they should give us an option if you stay with the same bank for "x" years we will refund the closing costs

Public Comments

1. 1) Nope 2) Because if you refi with someone else OR if you pay off the loan early, then they don't make all that money.
2. 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.
3. Nope How do you think banks make money? They gotta pay employees somehow Closing costs are just a service you have to pay for.
4. 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.