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Why do a No Cost Loan?

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Obviously getting something for free is always nice but keeping more equity in your house or money in your wallet is even nicer. 

Traditionally, borrowers had to pay thousands of dollars every time they bought a new home or refi'd an existing one.  That certainly cost you money but it may have also cost you opportunities over time; opportunities to make changes to your mortgage as you experienced changes in your life. 

For example, with kids in college, reducing your monthly mortgage payment via an ARM might make sense.  Once the kids graduate, however, it might be time to shift gears again, move to a 15yr fixed rate loan and focus on creating more equity.  In the past, there was a hefty price tag in the form of closing costs each and every time you refinanced.  With a No Cost loan, that cost barrier is removed whether refi'ing to better reflect your changing circumstances or simply trying to drop your rate and save some money. It also reduces the pressure associated with timing the market 'just right.' 

Today, you might be able to save $200/mo. via a No Cost loan.  In 6 months, you might be able to save an additional $150/mo.  With no closing costs, there is no barrier to taking in advantage of that changing market and dropping that rate even further when the opportunity presents itself.



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