First Home Loans Cape Coral
First Home Loans Cape Coral
First Home Loans Cape Coral, First Home Loans Cape Coral. Mortgage Warehouse pays for all title, appraisal, and 3rd party fees resulting in absolutely zero closing costs paid by the borrower. How do we do that? By providing you with a Lender Credit at closing!
Unlike some lenders, Mortgage Warehouse’s No Closing Cost refinance does NOT roll your closing costs into your loan balance or into your monthly mortgage payment. With us, you end up having more equity in your home. Keep in mind that more equity in your home is important because it means more money for you whenever you sell your home.
4 Benefits of our No Closing Cost Mortgage
- Refinance for free if mortgage rates improve in the future.
- There is no guesswork or itemizing fees because there are no fees
- Finance a lower total loan amount
- Easier to eliminate PMI (private mortgage insurance) by adding to your home’s equity instead of using your hard-earned money for closing costs. Plus, removing your PMI means not having that additional monthly expense added to your loan payment.
The average homeowner will not keep the same mortgage for 15, 20, or 30 years. In reality, most will move or refinance within 3-5 years. This means that with average closing costs around $3,000 or more, the typical homeowner will have five different mortgages and spend more than $15,000 in closing costs over their lifetime. So essentially, over the years, you will be increasing your loan amount and never recoup the benefits of your lower rate.
A No Closing Cost loan can provide more savings than a loan with a slightly lower interest rate. A low-interest rate might seem like the best option but a lower rate will often come with higher fees and a higher loan amount.
If you plan on selling or paying off your mortgage within 5 years, a no closing cost option can be more beneficial than a loan with closing costs. In most cases, it takes multiple years to recoup the closing costs when refinancing.
How do you know if this type of loan is right for you?
- You do not want your loan balance to go up due to refinancing.
- You plan to sell or refinance your home in less than five years
- You want to remove your mortgage insurance (PMI) and have more of your monthly payment going towards reducing your loan balance.
- You need as much money as possible to pay off debt or other needs
Ready to get started?
We are experts in No Closing Cost loans! Mortgage Warehouse has been offering our No Closing Cost loan program for over 15 years. Our licensed loan originators can quickly assess your needs and goals and determine if you qualify for this program. We will compare our No Closing Cost loan program to our other programs to see which scenario will be the best one for your situation.
Mortgages without the confusion.
From contact to closing, Mortgage Warehouse is your one stop shop for all of your mortgage needs. Our simple, efficient process will get you home!
Fill out our Quick Application online, call our office, or setup an in-person appointment. Our loan originators will help you determine the best type of loan to meet your purchase or refinance needs.
You will need to provide documentation about your employment, income, assets and property. View our Application Checklist to see what documents are required.
Once you have completed the application and provided documentation, we will verify your income, down payment and review your credit report to make sure you qualify for the loan amount and program that you applied for.
An independent licensed appraiser will inspect and estimate your property’s market value. The home’s value will be determined by comparing your property to nearby homes that have sold recently.
Your loan originator or loan processor will gather all documentation needed to prepare your loan for underwriting. This includes a title search, verifying employment, obtaining tax transcript verification from the IRS, calculating income, determining real estate taxes, homeowners insurance, homeowners association dues, etc…
After your loan is processed, it is sent to our underwriting department. They determine if the loan is approved and if all conditions are met or if further information is needed.
At this point, it is common for the underwriter to request a few conditions to be met before closing.
Hooray! You are fully approved and clear to close!
Loan closing is typically held at the title company’s office. You will need to bring a government issued photo ID. If funds are required, you will need to wire money to the title company from the account we verified as your down payment source. When wiring funds, always be sure to independently verify wiring instructions with the title company. Congrats on a successful closing!