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Texas No Closing Cost Mortgage The costs of a mortgage include the interest you pay plus the loan closing costs. Some of the closing costs can be avoided with a “no fee mortgage”. Here is a list of items that may not be charged for this type of loan and the typical cost of the item:
The term “no fee mortgage” could mean that certain of these fees would not be charged. Which items are not charged will vary so get an explanation if you are considering this type of mortgage. No one likes to pay fees and some people assume that a “no fee” loan is best. That is not always true because the finance rate will be higher to cover the “free” items. You will probably pay about ˝ percent more on your interest rate to get 1% of the loan amount in “free” costs. If you want a $200,000 loan and get $4,000 (2%) in “free” costs you will probably pay about 1% more on your rate. That would be about $104 more per month in interest or about $37,400 in extra cost over 30 years. In this example you would have a cash flow savings for 38 months and then be losing money for the rest of the loan term. It is important to consider both the costs and rate to get the best mortgage deal. If you expect to finance for a short term you may be better off paying a higher rate with smaller fees. Also if only wish to put up a very small amount of up front cash for your mortgage, it could be necessary to minimize your closing costs. There are other costs to close a loan that will not usually be waived with a “no closing cost” loan. These can include prepaid property taxes, hazard insurance, attorney fees, recording fees, property survey, and more. That means that there will probably be costs to close even with a no fee loan.
No closing cost mortgages were heavily advertised by a major bank in a couple years ago. With recent changes in the mortgage industry this type of mortgage is not typically available. However loans with "no lender fees" or reduced costs can still be possible. At Texas Capital Mortgage we have all types of loans available. We offer a no cost consultation to review your options. We are located in Houston and do loans anywhere in Texas. Please call us toll free at 866-433-0500 for more information.
Houston Mortgage - (RETURN TO HOME PAGE)
 Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090 Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656
Texas Mortgage Broker License #65252. We provide service for the entire state of Texas.
Our goal is to provide your with the best mortgage products with low rates and superior service. Call one of our experienced loan officers for a rate quote or answers to your financing questions. 
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