Accounting News and Notes

No Cost Financing Options For Your Home

If you are looking to refinance your home there are option called “no refinancing cost” loans that might be great options. In this world we learn over and over again that flexibility is important and this is perhaps truest in what will be the most important financial decision in the financing of your home.

The no costs loans make the most sense when you are not sure that you are going to be in your present home for over six to eight years and you do not want to add to the principal amount owed, come out of pocket  to pay for closing costs or to reduce your equity in your home.

The no cost option can be used for either a new purchase or a refinance. A no cost options is a great alternative for example when you have a loan higher than the present quoted rates for a no cost refinance and you do not want to come out of pocket/pay for/have added to your loan balance the closing cost.

When you do a no cost closing the mortgage company processes your loans at a rate that is a bit higher than what a full cost loan would be. Mortgage companies are able to do this as they then have a slightly higher interest rate they can sell on the open market at a higher rate so the mortgage company makes its money on the back end.

To learn more you can contact Philip Byrd today of Trinity Mortgage and Financial Group LLC at 404-936-0405 to see the best loan for you and visit www.trinitymortgage.org

This entry was posted on Monday, June 11th, 2012 at 9:43 am and is filed under Business/Tax Consulting, Financial Planning, Business Loans & Money Management.
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