What does "no closing costs" really mean on a VA loan?
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Video Description:
If you're looking at getting a VA loan, you might have run into the term "no closing costs." When a VA loan is structured as a no closing cost loan, you still end up paying. That's because, in order to not have to bring cash to closing, you usually have to take a slightly higher interest rate on the loan.
Having a higher rate will impact both your short-term, monthly mortgage payment and, potentially, the long-term interest costs. However, there are some situations where paying a little bit more can sometimes be worth it. If, for example, you're only planning on staying in the loan for a few years, the impact of the extra interest won't be as large.
Another situation where a no closing cost VA loan might make sense is if the closing costs are the only thing holding you back from becoming a homeowner. However, in this situation, you could also consider shopping around for a lender or for specific, shoppable closing costs.
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
