Our No Closing Cost Mortgage loan allows you to avoid non-recurring closing costs by selecting a slightly higher interest rate. When you choose a No Closing Cost Mortgage loan you receive a rebate that will pay your non-recurring closing costs, allowing you to close with less money up-front.
Closing costs that are commonly paid by our No Closing Cost Mortgage loans include title and escrow fees, appraisal, lender fees, credit report fees, and other expenses which are non-recurring over the life of the loan.
With home financing there are usually a variety of interest rate and point combinations available to the borrower for each product or loan type. While some borrowers prefer a lower rate immediately, others prefer minimizing their up-front expenses. For these borrowers, the No Closing Cost option is preferable despite the higher interest rate, because it requires the smallest investment at closing.
No Closing Cost Mortgage loans are available for Refinance transactions. In general, a No Closing Cost Mortgage loan is a good strategy if you plan to keep your loan for up to three years. Beyond that you should consider paying some costs out of pocket to get a lower rate, since over time the lower mortgage payment will offset the additional up-front costs.
Call 800.444.6327 for a No Closing Cost Mortgage quote today!
Important Information about NuVision’s No Cost Loan Program:NuVision Federal Credit Union offers a No Cost loan program for qualifying refinance transactions on Conforming Loans. Under this program a lender credit is disclosed on the Good Faith Estimate to offset the origination and third party fees. Charges that will be credited by lender: Origination fee, Credit report fee, Flood certification fee, Title insurance fee, Signing fee, Escrow fee, Sub Escrow fee, and Recording fee. Title/Escrow fees are dependent on Provider chosen. Fees that are above those listed on the settlement service provider disclosure may not be credited. Charges subject to conditional lender credit: Appraisal – Fee is to be paid upfront by the applicant. The appraisal fee will be refunded within 14 days after loan funds are disbursed. If the appraisal fee increases due to a lender required re-inspection, the applicant is responsible for paying the additional cost. No portion of the appraisal fee or re-inspection fee will be refunded if service rendered, and the loan is canceled or declined. Charges that will not be credited by lender: recurring closing costs, HOA certification fee, Subordination fee, Survey fee, Prepaid interest, Escrow deposits, Mortgage insurance, Transfer taxes and Doc Preparation fee that be charged for vesting changes in some states. Any charge generated by the current holder of the note. Additional terms and conditions may apply.