Zero Closing Costs

If I could hand you an $85 check a month would you take it?

With zero closings costs, it's like receiving a rebate check from your mortgage payment--every month. When you work with me to secure a home loan or refinance, I pay all the customary closing costs including title charges, survey, and title insurance.

The bottom line for Greater Cincinnati home-buyers:

Many lenders advertise zero cost loans home loans and refinances but pay only their lender costs, leaving title fees, points and origination fees for you to pay. Other lenders roll the costs into the mortgage or refer to loans with costs but no points. At Evolve Bank & Trust, zero closing cost loans mean we pay all the customary closing costs including title costs, survey, and title insurance. The only things not paid will be interest and escrow items (also known as "prepaids".) Below is an example of how this saves you money.

Example:

Payment difference: $1048.82 - $1010.57 = $38.25

The difference in payment is interest and is partially deductible vs. closing costs, that are not.

What that Payment Difference Means to You:

If you account for your current tax bracket and level of deduction, and you consider investment returns on your closing costs invested elsewhere, then you would be ahead of the game at the higher rate for as long as 10.2 years.

(See calculation below!)

* If you invest $1,813 at 8%, your interest income would be $12.08 per month.

* If you are able to write off 30% of the interest, your tax savings would be $11.47 per month in deductible interest.

This means that of the $38.25 payment difference, $14.70 is lost money. No benefit to you. Therefore, if you divide $1813.00 by $14.70, it would take 10.2 years to break even at the lower rate.

* The tax benefit and deductibility will vary from person to person and should be discussed with your accountant for your exact benefit. If you didn't consider the tax benefit and investment results you would still have to be at the lower rate for 47.71 months before you start saving money. Savings and payment difference may vary per deal.

Zero closing costs. No title charges. No origination fees. No unmentioned points.

You have a new home to tend to; why have your money locked up in closing costs?

When my wife and I purchased our first property in 1994, Dave was instrumental in helping us find the right loan program for our needs.  As first time purchasers with little for down payment, Dave found an FHA program that worked for us. Over the past ten years, we have purchased and sold several homes, including various rental properties, and Dave has consistently obtained better than market rates and closing cost programs that made each transaction very simple and affordable.  He is extremely easy to work with, always available, and follows every detail to ensure your closing process is quick and efficient.  I anticipate working with Dave for all my home and rental property mortgage needs.

Dave Scully - your Greater Cincinnati refinance, home loan, and mortgage expert.