GWF Home Mortgage Loans
No Cost Purchases
In a purchase situation a no closing cost option can work
extremely well when the borrower has limited funds available
for closing or when the rate market is declining and the borrower
may want to refinance quickly. No closing cost loans can be
used effectively to free up more cash for the down payment
or save for repairs or other uses. If the seller can not credit
for closing costs (due to low equity or other reasons), a
no closing cost loan is the next best alternative.
In some cases no closing cost loans can give a borrower more
cash than is needed for the direct closing costs. As long
as this does not exceed the lender's guidelines (typically
3% of the purchase price in overall credits), this cash can
be applied to other costs in the transaction. One important
item to remember is that a no closing cost loan will not have
points, and thus no deduction for that cost. Additionally,
the other costs are paid for and no deduction is available.
If you are purchasing a home, points and some costs are generally
entirely deductible in the year you buy. This is true even
if the seller is paying for your points.
Discover and reap the rewards of a new home loan today!
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Great Western Financial Home Mortgage Loans
is a mortgage loan company that specializes in offering loans
to people in California and nationwide. Our staff is completely
dedicated to helping you qualify for a loan. We have a 95% financing
success rate; we've found adequate financing for 9 out of 10
people that have contacted us. Let us show you what we can do
for you! Get the house of your dreams now and don't worry about
credit issues - we can help you. Fill out our FREE
LOAN QUOTE form so we can start helping you right
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