Question:

How can I get a low closing cost mortgage?

Answer:

There is no such thing as a no closing cost mortgage. It is either closing costs rolled into the loan, or closing costs compensated by interest rate increase. This is how you get the low closing cost mortgage.

In a low closing cost mortgage the borrower has opted not to pay closing costs from their pocket and has either rolled them into the loan or agreed on having the interest rate increase. In that case the only obligations to take care of are to pay the prepaid interest and open the escrow account. The former is used to align your loan with the lender’s processing cycle, the latter is an account with the lender to pay taxes and insurance on the property.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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