Why a no closing cost mortgage?*

Purchasing a home or refinancing your existing one is easy with no closing cost options.

At Lenox/WesLend Financial, we offer no closing cost mortgage options because we know the last thing you want to do after a home purchase or refinance process is spend more money. Our goal is to find a mortgage solution that works for you, which means taking some of the weight off your back.

We take pride in the service we provide our customers. Rest assured we will be there with you every step of the way making sure your purchase or refinance process is smooth and efficient. But we don’t stop there – we are happy to pay your closing costs as well. This will free up your wallet for more important things, and give you the financial stability and freedom you need. Whether moving into a new home or continuing to build a life in your existing home, no closing cost options will save you money and allow you to keep your finances stable.

If we left you at the end of the day with hefty payments, we wouldn’t be doing our job. Instead, we can take care of your closing costs so you can meet additional financial goals. How Does It Work?

Purchase or refinance your home with confidence, and come through the process ahead of the game.

How much can a no closing cost mortgage option save you? Contact one of our mortgage advisors today at 888.495.3669.

* No closing costs options are NOT available in Washington.

How does a no closing cost home loan work?*

We know that purchasing that dream home or refinancing an existing one, while keeping it affordable is important to you. Since 1999, Lenox/Weslend has focused on what matters to you most – finding the right mortgage solution and saving you money.

Let Lenox/WesLend take the closing costs out of the equation for you, saving you up to thousands of dollars a year in mortgage payments.*

Here’s how it works:

NO CLOSING COST OPTION*
LOAN AMOUNT $300,000
INTEREST RATE 3.375%
APR 3.375%
TOTAL COSTS $0*
PAYMENT (P&I) $1,326

Conventional 30 year fixed - Example as of September 2016* Click here for more details.

*No Closing Cost Option (No closing costs options are NOT available in Washington)
The rate disclosed under the section “No Closing Costs” assumes a $300,000 first lien loan on an owner occupied single family residence in California, 30 year fixed rate loan at 3.625% (3.625% APR), minimum 740 FICO credit score, 60% loan to value with no subordinate debt with a payment of $1,368 and a 30 day lock period. Lenox will utilize a lender credit to pay all of the borrower’s closing costs except: for prepaid interest, property taxes, state mortgage taxes, lender payoff fees and any type of insurance. Lender credit is estimated at $3,000 to cover closing costs.

**Low Rate Option
The rate disclosed under the section “Standard Closing Costs” assumes a $303,000 first lien on an owner occupied single family residence in California, 30 year fixed rate loan at 3.375% (3.534%APR), minimum 740 FICO credit score, 60% loan to value with no subordinate debt with a payment of $1,339 and a 30 day lock period. The estimated closing costs of $3,000 are financed into the loan for a total loan amount of $303,000.

Both monthly payment examples include principal and interest only and do not include payment for taxes and insurance. Actual monthly obligations may be higher.

These estimates are examples only. Your specific costs may vary. This offer is subject to underwriting approval. Not all applicants will qualify. Loan options and rates are subject to change based on market conditions, borrower and property eligibility. Final loan approval is subject to verification of income, assets, appraised value and specific requirements for individual loan programs and products. Restrictions may apply. Products and services may not be available in all states and are not available in states in which Lenox is not licensed.

Let’s assume you’re refinancing an existing home loan with a balance of $300,000. Typically, there will be closing costs in the form of lender fees, third-party fees, such as appraisal, title, and settlement, and quite possibly discount points, which may add up to $3,000, in this case. These costs will be financed into the new loan with a standard closing cost option, making your loan amount $303,000.

By choosing to have Lenox/WesLend cover your closing costs with a Lender Credit, although your rate is going to be slightly higher (approximately $43 per month in this scenario), your loan balance will remain at $300,000 as we will be covering your closing costs.

Let’s compare the options. Does it make sense to spend $3,000 in closing costs to save $43 per month? At that rate it would take 100 months or 8 years and 4 months to recoup the difference. According to the U.S. Census Bureau, Americans live in their homes for a median duration of 5.9 years. Most homeowners have probably refinanced at least once as well. By paying closing costs, it is not likely that borrowers are able to recoup the costs.

How long will it take to recoup $3000 of closing costs? (Standard Option)standard_closing_costs

Starting is easy, and there’s no obligation. Call 888.495.3669, speak to one of our knowledgeable mortgage advisors and explore your options OR click on the quick quote button below, fill out the form and one of our mortgage advisors will be in touch with you shortly.

Rates are still at historic lows. Don’t miss out on thousands of dollars in savings by choosing Lenox/WesLend TODAY!

* No closing costs options are NOT available in Washington.