Low or No Closing Costs Mortgages

[Mark Welp]

All,

I am in the process of buying some SFH Rentals in Columbus, OH. Anybody aware of any lenders/mortgages who do really low closing cost fixed rate loans or no closing costs loans. Definitely a negative of buying SFH's is the transaction cost each time.

Thanks!

[Stephanie Medellin]

You can almost always raise the interest rate and receive a lender credit that can cover some closing costs, but depending on the loan amount this may or may not be feasible.  The lower the loan amount, the less you would get.  For example if you got 2 points as a lender credit, but your loan amount is $50,000, that's only $1000 for closing costs.  If your loan amount is $300,000, you would have $6000 for closing costs.