Just ask Dr. Ken. He's got it.

I did a refi summer 2017 with Quicken. Although it was odd that they asked for a water quality test on my well that I had to pay for. And their appraiser totally lowballed my value to the very lowest amount of any range I saw on any Zillow or related site which meant I had to pony up a 15k cash payment to refi but I did get a sub 4 rate for 30 years and the online tools are pretty slick as far as making payments. Theres a neato feature that shows how many months you've lopped off with your over payments.

_________________
"Play until it hurts, then play until it hurts to not play."
http://soundcloud.com/darkside124 HOF 2013, MM Champion 2014

This might be the least surprising thing I've ever read.

_________________

Guaranteed Rate is who we used when we bought our house. After closing they immediately sold our loan to PNC bank. We never even made a mortgage payment with them. Of course since they sold our loan, we have received refinancing offers in the mail from Guaranteed Rate just about every month since we bought this place.

_________________

Hochberg's commercials do not fill me with confidence because 1) He sounds like an obnoxious loudmouth, as if Mike North is now doing mortgages, 2) I am wary of anyone who insults their competitors instead of telling me why I should work with them, and that seems to comprise about 75% of the content of his commercials, and 3) what he promises sounds too good to be true.

Is it actually possible to not pay closing costs? If so, why do you have to pay them with everyone else but Hochberg? It seems like that would be a big selling point for other mortgage brokers to use to attract business if it were true.

This question went 100% as anticipated when I posted.
Thanks for being you CFMB

_________________
Team Cutler.

you are financing the closing charges. That is how you don't "pay" for them.

_________________
O judgment! Thou art fled to brutish beasts,
And men have lost their reason.

There are basically two ways lenders can offer "no closing costs":

1. Roll them into the loan so you don't have to pay them at closing. Let's say you had a $300k mortgage (approx $1900 per month) and can refi down to 5% (approx $1600 per month). Typically you would pay the closing costs upfront (say $3k), and thus it would take you a little less than a year for your new lower monthly payment to pay off the refi closing costs. Instead, if they roll the closing costs into the loan, you pay nothing at closing but your loan is now $303k and your monthly payment is $1625 instead of $1600. So while you don't have any out of pocket expenses, it will cost you in the long run as you are paying that extra $25 each month for 30 years.

2. They can also charge you a higher loan rate (usually without telling you how much over the true market rate). In other words, maybe the market rate for your loan is 5%, but he offers 5.125% with no closing costs. You might think 5.125% is a good rate (not knowing you could have gotten 5%) and you like the idea of no upfront closing costs. However, the extra 1/8th of a point he is upcharging you on the loan more than makes up for the closing costs he is eating (assuming you keep the loan for more than a certain amount of time).

_________________

Thanks, Jaw Breaker!