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Frequently asked questions

What is a no closing cost mortgage?
A no closing cost mortgage means you don’t pay for the closing costs associated with getting a mortgage upfront but instead elect to get a slightly higher mortgage rate and receive lender credit to cover closing costs.
Is it better to go through a mortgage broker?
Yes. Not only do mortgage brokers offer lower mortgage rates than retail banks/lenders, but they also typically offer more personalized service around the borrowers’ schedule coupled with more loan options to choose from.
Do mortgage brokers have better rates than banks?
Yes. When you go directly to a bank you get retail pricing. When you go through a broker, you get wholesale rates and often get rates as low as 1% when compared to the same origination cost.
How do I avoid paying closing costs?
There are two ways to avoid paying closing costs on a mortgage. You can ask the seller of the property that you are buying to contribute 3% of the purchase price towards your closing costs or pre-paids or contact a mortgage broker that has their compensation level set to no more than 2%. Preferably, your first goal should be to have the seller cover the closing costs so you can receive a lower mortgage rate.
Why do people use mortgage brokers instead of banks?
Mortgage brokers get wholesale rates from some of the same lender/banks that are well known. For instance, I am a preferred mortgage broker that originates loans through Rocket Mortgage. The rates I can obtain for you through Rocket Mortgage are often 1% lower when comparing the same origination costs compared to you going directly to them.
Is it easier to get approved for a mortgage through a broker?
Yes. A mortgage broker is often a small entity that has a small number of licensed staff that can process your mortgage and pay closer attention to the details of your file compared to a large entity that has many processors/employees touching your file. You can associate this with the term “there are too many cooks in the kitchen”.
How much should you expect to pay a mortgage broker?
You don’t need to pay a mortgage broker any fees. Mortgage brokers usually charge zero application fees compared to banks/lenders and are often paid on the backend of the loan by the mortgage lender or bank that they broker your loan through.
Is it better to go through a mortgage broker or a direct bank?
Depends on your mortgage scenario. For instance, if you have a lot of assets and are looking for a jumbo mortgage then your bank can probably get you a better mortgage rate than a broker. However, if you fall under any other loan category, such as conventional loans, FHA loans or VA loans then a mortgage broker is better since they have access to wholesale rates and can offer you a significantly lower rate than a direct bank.
Can you roll your closing costs into your mortgage?
Only on a refinance home loan. You can only roll the closing costs into a mortgage loan on a refinance transaction. However, you cannot roll the closing costs on a purchase transaction.
How much do mortgage brokers charge in Florida?
Most mortgage brokers in Florida do not charge a broker fee. They get paid directly from the bank/lender that they place your loan through. Kind of like how an insurance agent gets paid from the carrier when they shop for your insurance.
How to find the best mortgage lenders?
Google is the best place to start when searching for "best mortgage lenders". You should then  go through their reviews and see ow bad is their bad and how genuine is their good reviews. Smaller, local mortgage companies tend to offer better rates and service when it comes to mortgages.
No down payment no closing cost home loans
A qualified veteran typically can get 100% financing to purchase a home. A no closing cost VA home loan enables the home buyer to receive lender credit to cover all closing costs and pre-paids and get into their home with no money out of pocket. The VA finding fee is added to the loan amount or waived if the veteran has more than 10% disability to be exempt for the VA funding fee.
Who offers a no closing cost mortgage
Every mortgage broker that has set their compensation level to no more than a 2% yield can provide a no closing cost mortgage.
What is a low closing cost mortgage?
A low closing cost mortgage typically refers to a loan with zero lender fees such as no underwriting fees, admin fees, processing fees or discount points.

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Shahram Sondi | NMLS 186790 CERTIFIED MORTGAGE ADVISOR™
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All rights reserved © 2022 Mortgage Expert, Inc. NMLS ID: 2412313 Location: 142 W Lakeview Ave, Suite 2050, Lake Mary, FL 32746 | Phone: (407) 955-9235 Content provided by Shahram Sondi The information provided on this site is for basic informational purposes only and IS NOT intended as a substitute for professional or legal advice. Notice: My Town Realty (License #: CQ1049127) and Mortgage Expert (NMLS ID: 2412313) are both wholly-owned entities of Shahram Sondi (NMLS ID: 186790, License #: BK3225742). Due to this relationship, any referral between these two entities has the potential to financially benefit Shahram Sondi. Under no circumstance are you required to engage the services of one or both of these entities. View $1000 Best Rate Guarantee Terms & Conditions
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