No Closing Cost Loans Explained

Although we’ve been doing no closing cost loans for nearly 15 years, there are still many people unfamiliar with how they work. Below we answer some common questions you may have.

What’s the Difference Between Standard Loans & No Closing Cost Loans?

For most people, purchasing a home requires financing through a mortgage lender. Along with a down payment, you will be required to cover certain closing fees, such as title insurance fees, appraisal fees, attorney fees, application fees, and so on. These fees can quickly add up to thousands of extra dollars that you might not have anticipated.

How Do No Closing Cost Loans Save Me Money at Closing?

With no closing cost loans at DNJ Gateway Mortgage, there are no surprises, no stressful fees, and no extra drain on your savings that could take you months or years to recoup. In fact, you’ll pay no points, no origination fees or any other costs. Guaranteed!

How? No closing cost loans have a slightly higher interest rate than standard loans. This allows the lender to make more money over time. They in turn agree to cover your closing costs and pay all of our fees in turn. We make money, they make money, and you save money you can use immediately for moving, furniture, debt payoffs—whatever you want!

Are the Savings from No Closing Cost Loans Right for Me?

Over the years we’ve performed many analyses and calculations for thousands of clients from Maryland, Virginia, North Carolina, South Carolina, Georgia and Florida, and overwhelmingly the answer is YES! While we don’t know many people who actually ever pay off a 30-year mortgage, some people who stay in one home for years will eventually do so.

However, most people move or refinance every three-to-six years, so for them, no closing cost loans represent a significant savings and a smart financial decision.

To learn more about the savings you could enjoy from one of our no closing cost loans, call us today at one of our North Carolina offices, or toll free at 877-9-NO-COST (877-966-2678)!

DNJ Gateway Mortgage proudly serves clients in Raleigh, Durham, Chapel Hill, Cary, Apex, Greenville, Fayetteville, Fort Bragg, Greensboro, Winston Salem, High Point, Wilmington, and Charlotte, NC, and surrounding areas. We also offer mortgages in South Carolina, Virginia, Maryland, Georgia and Florida.