Closing Costs

What is your goal?

I know how confusing it can be deciding on whether to pay your closing costs out of pocket or not. It depends on what your goals are. That’s why I would talk to someone who could help me. Sometimes all it takes is a simple conversation to understand the pros and cons.

In the meantime be sure to take a look at the charts below, we think they’re very helpful.
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Mortgage loan closing cost options

If you pay your Closing Costs
– Advantages

  • You may benefit from the lowest available interest rate
  • The seller may agree to lower the sales price
  • Have potential savings over the life of the loan

If you pay your Closing Costs
– Disadvantages

  • It will increase your out of pocket money at closing
  • Can take up to 5 years to breakeven and recoup your closing costs

If you pay ZERO Closing Costs
– Advantages

  • No out of “your” pocket money at closing
  • Save that extra cash for home improvements

If you pay ZERO Closing Costs
– Disadvantages

  • May require a higher interest rate
  • May require a higher loan amount
  • Will cost more over the life of the loan

Any points you choose to pay will be used to simply lower your interest rate.

Do you still have questions? Contact us today!

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Satisfied Customers are Saying...

Dear Rich, Maureen, and Margaret,

It has been a bit of a whirlwind here since our closing last week but in the midst of all the activity with the new house we wanted to take a minute to thank you again for all of your help with our mortgage.  Our second experience with your company has been just as pleasant as the first and, should we ever need you again, we’re sure our third experience will be the same!

We truly appreciate all the work you put into this rather unusual mortgage.  When we didn’t think we had an option for what we wanted to do, you found a way.  Rich, you were so knowledgeable and kind to patiently explain this, “new” (to us) loan vehicle and you answered all of our questions as a teacher would.  We are so grateful for how you all stayed on top of every little detail and handled all the situations that popped up at the last minute concerning the seller’s probate situation.  Your communication with everyone, even including our real estate agent, was beyond anything we would have ever expected from another firm!  Because this was our second time around with Abba First, we did know that we could “rest easy” knowing you were watching out for our best interests.  None of you were ever frazzled by the curve balls, you just worked the problems and found the solutions.  It is such a pleasure to work with such positive and peaceful personalities!

We will be telling our friends about you and hope to work with you again one day.

Best regards to all in your office,

Paul and Linda Steneck

Oak Ridge, Tennessee

Paul and Linda Steneck
Oak Ridge, TN