Do "No Closing Cost Mortgage Loans" Exist in Kansas City?

Question: Do "No Closing Cost Mortgage Loans" Exist in Kansas City?


Answer: Great question and the answer is not a simple "yes."


Yes, the trend lately is to get a no closing cost mortgage loan when purchasing or refinancing a home home. 


It sounds like a good option since interest rates are slow low. Are these loans actually "No Closing Cost Mortgage Loans?"


For the most part, these mortgage loans are not actually no closing cost loans. The mortgage lender is actually either raising the interest rate a little or raising the loan amount to offset the closing cost. The offset pays for a majority of the fees needed to close the loan. Title insurance, mortgage taxes, and escrows are still expected to be paid by the borrower at closing.




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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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