A true no cost loan means you pay no points, no fees, and have no fees wrapped into your loan. You will only be responsible for your own interest, taxes, and insurance due. In most cases you will still see fees shown on your estimate, but there will be a lender credit which offsets them.
This is the most common misconception among mortgage buyers. Your interest is not front-loaded. You pay more interest at the beginning simply because your balance is higher. Monthly interest = balance x interest rate / 12.
We are paid directly by the bank at a predetermined percentage. Your mortgage product, rate, or terms have no impact on this percentage.
Your interest rate is determined by a combination of factors including credit, equity, income, assets, liabilities, loan amount, program, and cost structure.
Only if you want it to. We recommend you keep making your current payment on the new loan – this will enable you to pay the new loan off and save tens of thousands of dollars while you’re doing it.
Yes, but don’t forget, your savings will far outweigh the loss in deduction.
(844) 638-3694
(925) 275-5000
hello@solidify.com
2888 Loker Ave E
Suite 321
Carlsbad, CA 92010
BowHattan Holdings, Inc.
dba Solidify Mortgage Advisors
Not available in all states
NMLS: #1283930
CA Broker: #01970483
AZ Broker: #0932871
OR: #ML-5370
FL: #MBR1911
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