No Closing Cost Line Of Credit

Other credit cards would be transferred to this lower rate.

It depends on how much you owe at which rates, and how fast you're paying them off. If it costs you $700 to drop 5%, you would be ahead after just a year if you owed $700 / 0.05 = $700 * 20 = $14,000.

2006-01-01 17:25:35 by SkyRaider

and Easily For Top Market Value * Pay Absolutely No Commissions & No Closing Costs * Avoid Foreclosure & Bankruptcy * Save Your Credit ...

They've been constantly offering this, but banks are in business to make money. What's the catch?

If you are talking about a home equity line of credit, then there probably is not a "catch". It is very common for banks to offer HELOCs with no closing costs. The cost is extremely low to the bank for these types of lines of credit because the bank usually does not have to order a title policy. The bank is going to make their money on the interest that is charged to you when you use the line.

2007-10-18 18:31:29 by Linn

They have refused to now pay certain closing costs including title insurance, state taxes, basically every charge not included between line 801 and 1107 of the HUD1. The contract language does not specifically spell out which charges can or can not be included. It states "...including but not limited to" loan origination fees, etc. "Purchaser will pay all remaining Purchaser's charges." How can the bank decide in the 11th hour they are not going to utilize the agreed closing cost credit? So far, their realtor, settlement company and my lender have never seen this happen to this extent! What can I do to get them to honor the agreement? If I don't settle, they can sue me and charge me a fine for every day I don't settle.

You should have a real estate attorney. It is not too late. What you spend on him will be a lot less than what they'll take you for if you don't.

2007-12-13 09:46:58 by Lisa

The bank is offering a line of credit sale. I pay no fees, the bank is covering all closing costs, state taxes, appraisal fees and the first year annual fee. I can take out a line of credit on the equity of my house. The rate is prime minus 1/2.

What is in it for them? Could there be a hidden downside for me? What do you think?

This sounds normal to me. They make their money on the interest and incidentally, you must have good credit becuase prime minus half is good. I don't think their costs incurred are all that much and half the time the appraiser doesn't even look inside the house. It's basically a good source of low cost credit for people with equity in their homes. (low risk for them.) I assume it's a reputable bank.

2007-10-20 13:30:09 by moviefan2020

I have a home equity line of credit at 9%; I see them advertised at 7.5%. Any ideas on how I might find a better rate without closing costs besides just calling around?

Try Citimortgage, I wouldn't do the line of credit, I would do the home equity LOAN, because the line of credit adjusts with prime. Do the loan and it will be fixed. It also depends on your home's worth and how much you need and your credit score. There are a lot of factors. Call a mortgage BROKER because they can shop around for you and get you the best rate. Also the closing costs are typically covered with Citimortgage.

2007-03-25 16:21:21 by Lighthearted