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Home  »  Finding A No Closing Cost Mortgage

Finding A No Closing Cost Mortgage

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Getting something for low or no cost certainly sounds appealing…especially when what you’re getting is a mortgage. But are the no-closing-cost mortgages you see advertised really no cost?
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  1. rmporcelli says:
    April 8, 2010 at 4:16 pm

    Opportunity Cost? The 0.5% rate difference on a $200K loan will cost approximately 2 points, or about $5,000 at closing. Earn 8% compound interest on the $5,000 over 30yrs equals $54,678.65. Just know both sides of the story. If you only earn 5% on the money, it’s $22,400.

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  2. msanchez007 says:
    April 8, 2010 at 4:32 pm

    Good report, BUT in some cases this does make sense. The average homeowner refinances or moves every 7yrs. In this or other cases where your going to be for a short time in this home, it MAY be worth it.

    But if your settling down and plan on havong a family and living there for years, then yes, pay a point a get low interest rate in the long run it’ll be cheaper. Always ask for a total costs comparison over x amount of years.

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  3. reibroker says:
    April 8, 2010 at 4:41 pm

    Dead on perfect! One of the BEST news reports I have ever seen about the “no closing costs” misconception.

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