Apply for a ZERO cost mortgage
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BrightPath MortgageKevin Gleasson - Your Bright Path to Savings.
1200 Ashwood Parkway, Ste. 20
Atlanta, GA 30338
WHAT IS A NO COST LOAN? A No Cost loan is a loan in which all fees and expenses incurred during the refinance (ie...Closing Costs) are off-set by a lender credit applied at closing. That credit would be a function of interest rate Essentially, the credit would cover "tax, tag, and title" as they say in the car business. Just to be sure we're on the same page, we are NOT simply 'rolling' those costs into your loan amount and then saying 'Look, you don't have to bring any money to closing!'
WHO PAYS FOR ALL OF THE COSTS ON A NO COST LOAN? Every loan has closing costs.
Appraisers want to get paid for their services, title companies perform tasks that have costs associated with them, and your City, State, and County might apply some tax and recording costs. The question then is 'Who is going to pay for all that stuff????'
With the NO Cost option, WE do!
That probabaly means the next question is 'How do you pay for all that stuff?' The answer is via the rate.
Cost is a direct function of rate. Basically, just like a see-saw on playground, if one side is rate and the other is cost, pushing down on rate causes cost to go up and visa-versa. With a No Cost option, we increase rate slightly to generate a higher credit or yield. We then take that credit and pay those costs for you.
In this way, you can keep more of your equity in your house and NOT have to pay thousands of dollars in costs every time you refinance.
The ONLY items not included in a No Cost scenario would be setting up your Escrow Account and Pre-Paid interest.
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