So EZ Mortgage offers a no closing cost option on many of our loan programs. With this option, our lender credit covers all title, appraisal, and 3rd party fees resulting in absolutely zero closing costs paid by the borrower. Many banks offer a "no point" mortgage where they don't charge fees, however the borrower still must pay for some items such as title and appraisal fees. With our true no closing cost mortgage, the borrower pays no closing costs period!
So EZ Mortgage does have 5 stars on Zillow, however our pricing is not on Zillow or Bank rate because those quotes are very deceiving and we have a genuine 5-star reputation to maintain. Most of the lenders shown on Zillow and Bank Rate have 4.5 to 5 stars, but if you google their name you will see the only sites that give them 4 stars or more are sites you can pay money too and they will remove reviews for you. Many of them have 3-star or lower reputations with sites that you cannot pay to remove reviews like Google.
If you apply for a quote through So EZ Mortgage, you will see we always show 100% of the 3rd party fees*.
We negotiate rates for you with the lender, getting you better pricing than if you went directly to them. We save the lender time and money by originating and processing the loan.
Lock your rate in seconds as late as 9PM without documentation (Subject to pre-approval results). Application must be completed online, over the phone, or in person by 2PM in order to lock the same day.
When you call our number, you are sure to get someone on the phone right away. If all agents are busy, you will get a call back promptly regardless of holidays or turn times. We never close, we never slow down. I challenge you to try it now.
So EZ Mortgage is protected by 2 step verification and Google Vaults optimum business encrypted email and document protection. The safest system available in the world today for online businesses. Also used by National Geographic and Audi.
Our EZ automated system tracks your interest rate to ensure you always have the lowest rate available for no cost.
Minimum Income Requirements. Never Under Water: You will never owe the lender more than the appraised value of your property. Regardless of world conditions, the value of your home, or how much you owe. How is this possible you ask? Click Here to Learn more...
No Payments: The loan is not due as long as you live in the property.
Q: Why is a No Closing Cost loan a big deal? Will I really benefit and save money?
A: The national average that a homeowner pays for closing costs is $2,748 (as published by Bankrate.com). Our No Closing Cost customers avoid having to pay this $2,748 which results in a huge savings. It also makes refinancing a “no brainer”. With a lower interest rate, you will save money and it won’t cost you anything.
Q: Do you charge a higher interest rate on the No Closing Cost loan program?
A: Our No Closing Cost rates are typically at or below the national average. You can expect to get an interest rate that is just as low as what other places are offering but with us, you will avoid paying for all those closing costs.
Q: If there are no closing costs, how does So EZ Mortgage make money?
A: We pay for your closing costs with some of the revenue that we make when we release the servicing of the loan in the secondary mortgage market. After paying for your closing costs, we still profit although our margins are not nearly as high as some other lenders and banks. We receive a lot of referrals and repeat clients which is a big part of our success and helps us keep our exceptional pricing.
Q: What is the minimum loan amount required for the No Closing Cost mortgage?
A: This varies with changes in the market but usually around $180,000. During periods of exceptional loan pricing, we have approved no closing cost home loans as low as $150,000. With smaller loan amounts, we significantly “scale down” the closing costs, but cannot waive everything. It is best to try our free mortgage review service so that we can price out your specific scenario.
Do I need to sign a lock in agreement to lock my rate?
A: Yes you do. We are taking the risk by setting aside this money at a paticular rate, if rates shoot up, we will deliver your loan at the lower locked rate. We will not bail on you and we expect the same from you.
Q: Is the appraisal fee included in the No Closing Cost mortgage?
A: Yes. With regards to the appraisal fee, borrowers will pay upfront for this service (typically $540-$650) and So EZ Mortgage will reimburse this fee at closing. If for any reason other than you supplying false information, the loan does not close, So EZ Mortgage would reimburse the appraisal fee.
Q: Does the No Closing cost loan have a pre-payment penalty?
A: No, we do not offer any products at So EZ Mortgage with negative features such as a pre-payment penalty. However we require all our clients to make at least 6 payments before paying off their loan if they take advantage of the no closing cost loan. We prefer you keep your loan for at least 12 months before redoing your loan. However we are willing to drop your rate after 6 months to make sure you always have the lowest rate for no cost.
Q: What is a rate protection guarantee?
A: A rate protection garantee means the lender garantees they will allow you to take advantage of the lowest rate available for no cost when the time comes. It actually does not give you any protection. Most lenders require you to watch the rates and ask if you quialify by submitting your certificate. At So EZ Mortgage, we have autimated the process and you will be notified instantly via email quote when you can save and how much you can save.
Who is eligible for a HECM?
Young seniors that are at least 62 years of age with 40% or more equity in their home.
Even if you have a partner who is not 62 years of age yet, you can still take advantage of this product without risk. The old reverse mortgage did not have that protection. Don't get caught without protection.
Why would you take so much risk and offer a line of credit that always increases regardless of the value of t he home?
The HECM loan is insured by FHA and Ginnie Mae. The investor takes no risk at all, and neither does the beneficiary.
FHA protects the beneficiary by insuring 10% equity in the home regardless of home values. Meaning if you sold the home and the sale price does not net you 10% of the proceeds, then FHA will make up the difference. The actual investor is Ginnie Mae on these types of loans regardless of what broker or lender originates the loan. The feds have extremely high confidence that home values will increase over the next 30 years.
Bob & Susan
Why would would someone want a HECM?
The new HECM is providing senior citizens with the increased ﬂexibility they need in planning for their retirement and ﬁnancial security.
The feds have recently expanded the program to allow for HECM purchase. This has never been done before. Typically, if a senior wants to downsize their home for retirement, they have to sell their home, buy a new home pay closing cost to get the loan, and then refinance into a reverse mortgage and pay even more fees. With the SO EZ HECM Purchase, you can sell your home and purchase the new home with the HECM, no income needed to qualify and no $6,000 origination fee with us.
*The only time there is an unknown fee, is if you have an HOA or you have a HELOC that you want to keep open.