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A Texas no fee mortgage could be a way to save money on your next home loan. This type of program is sometimes called a "no closing cost" mortgage or a "no lender fee" mortgage. The details will vary from lender to lender but the general idea is that some costs are not charged to the customer, or are paid by the lender.
The advantage is that the amount of cash needed to close a mortgage is reduced or eliminated. The amount of fees not charged or paid can include things like origination fee, application fee, loan processing, underwriting, document preparation, wire transfer, survey, appraisal, and more. If you consider this type of program ask for details on what costs are not charged.
There will often be other costs to pay at closing with a "no fee" or reduced fee loan. These can include things like property tax reserves, hazard insurance and more. Some lenders charge discount points (percentage of the loan amount) which increases your total cash needed to close.
A disadvantage of a no fee, or reduced fee loan, is that the finance rate will be higher and points may be charged. In some cases you may be required to make a larger down payment to get a no fee mortgage. This could result in your total cash to close being higher on the no fee mortgage. In addition, some no fee loans may have more strict requirements to qualify.
Before accepting a no fee mortgage you should compare the features to a regular mortgage. Add up your fee savings and subtract the cost of required points if any. See how much lower the rate would be for a regular loan and ask the prospective lenders for the monthly payments on each. This should help you decide which is better for your needs. For example if you save $3,000 in fees but pay $75 per month more for the next 360 months ($27,000); your choice is which is most important to you. Also consider any difference in terms, for example if one program required 10% down and the other required 5% down.
In general here are some indicators that a no fee mortgage could be best for you:
You expect to have the loan open for less than five years.
You have limited funds available for closing.
Your credit is very good.
The interest rate difference between a regular and no fee loan is very small.
There is no significant difference in the other terms for a conventional mortgage compared to the "no fee" option (down payment, points, fixed rate, term length, etc.).
If you expect to have your mortgage for a long term and have cash available for closing you may want to go with a regular mortgage.
Texas residents can visit my Texas no closing cost mortgage site or call 281-537-7800 for information or comparisons.
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