- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (9)
- Jay McGovern, "jaymcgovern"
- Contributions:90
Just make sure it's not zero lender fees (the amount you see on Zillow quotes), but no other fees that are not prepaids(taxes, insurance, and interest).
- stamp12
- Contributions:4
They may say "no closing cost" and be tacking additional fee's on to the loan amount. Ask them what their fee's are and if there are any fee's tacked onto the loan amount.
- Andrew Adams, "203K Specialist"
- Contributions:9349
That's sound like a good deal just make sure you understand what the originator means by "no closing costs".
Funds you need at closing include 3 groups and it can be debated what is a closing cost.
The first group are pre-paid items:
Interest on the new loan from the day you close till the end of the month.
Homeowners insurance if the premium is due in the next 60 days
the 2nd Escrows (are you paying your own tax and insurance or is the bank escrowing):
This will vary based on when the last bills were paid, when the next is due and when your 1st payment will be on the new loan.
The 3rd group are What I consider Closing costs
Origination Fee
Appraisal Fee
Credit Report
Tax service
Flood Cert
title services and lenders title insurance
Recording Fees
You should have a lender credit to offset those fees and for that loan size the total in this group should be around $2,200. You may want to ask for clarification from your loan officer what they consider to be "Closing Costs."
Funds you need at closing include 3 groups and it can be debated what is a closing cost.
The first group are pre-paid items:
Interest on the new loan from the day you close till the end of the month.
Homeowners insurance if the premium is due in the next 60 days
the 2nd Escrows (are you paying your own tax and insurance or is the bank escrowing):
This will vary based on when the last bills were paid, when the next is due and when your 1st payment will be on the new loan.
The 3rd group are What I consider Closing costs
Origination Fee
Appraisal Fee
Credit Report
Tax service
Flood Cert
title services and lenders title insurance
Recording Fees
You should have a lender credit to offset those fees and for that loan size the total in this group should be around $2,200. You may want to ask for clarification from your loan officer what they consider to be "Closing Costs."
- Gary Cohen, "Gary Sells Money"
- Contributions:48
I have been doing many loans lately at exactly 4.375% with no closing costs so it is a good deal.
- beantown41281205
- Contributions:2
my credit score is around 800
- Dave Skow, "daveskow"
- Contributions:1105
4.375% is a good rate for a no fee/ no cost loan.
- hari66
- Contributions:3
That looks wonderful. If there is really no closing costs? That is good. Make sure that is true!
- Chris Milker, "CMG Financial"
- Contributions:255
4.375% is a good rate for a no cost loan.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Do you know what your credit score looks like?
Refinance rate with no closing costs
I am looking for advice to see if a rate of 4.375% is good for a refinance with no closing costs? The home is worth about $330,000 and the refi would be for $204,000. I have excellent credit.
Thanks
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.