What is a no closing cost mortgage?
A no closing cost mortgage is simply an option that is typically offered by low-priced mortgage brokers when purchasing or refinancing a home. It is not some special promotion and is available everyday for consumers that want to explore a no closing cost option.
Simply put, you get credit from the interest rates available to cover all or most closing costs associated with getting a mortgage.
Do lenders really pay my closing costs?
Nope. That’s just marketing. Referring to the three closing cost options below, lenders who claim to pay your closing costs simply only provide you the third option (C). We will provide that same option, but we also want you understand options A and B, then decide what is best for your particular scenario.