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Zero Closing Costs Mortgage

What is a

Zero Closing Costs Mortgage?

A zero closing cost mortgage is a type of mortgage where the lender covers the closing costs associated with the loan, rather than the borrower. Closing costs are the fees and expenses associated with obtaining a mortgage, such as title insurance, appraisal fees, and loan origination fees.

Since not all closing costs are reflected in the lender's APR, APR may not reflect the true savings of a zero closing cost lender. A true zero closing cost lender will have more fees waived than just lender fees, so it is important to get a comprehensive estimate and compare other fees that are involved in closing.

Zero closing cost mortgages are advantageous if you may move before the full term of the mortgage loan (e.g. 30 years) or if you want additional flexibility to refinance in the future.When you first buy a home, moving again or refinancing is not the first thought on your mind. Why not have the flexibility to move to another home or take advantage of low interest rate environments with rate term or cash out refinancing before the full loan term? Once you see the benefits of Zero Closing Costs mortgages with competitive rates, it's hard to justify mortgages with high upfront costs (e.g. origination fees, discount points).

  • Compare the full estimate and not just the APR

  • When comparing rates with a lender that has fees, use fees to pay down points for the zero closing cost lender for a better comparison

  • Enjoy the flexibility to move or refinance before the full loan term

Henrico County, Virginia, is a diverse area with various neighborhoods, each offering its own unique features and amenities. Here are some notable neighborhoods in Henrico:1. Short Pump: A bustling area in the western part of Henrico, Short Pump is known for its shopping centers, including Short Pump Town Center, and a mix of residential and commercial spaces.2. Glen Allen: Located north of Short Pump, Glen Allen is a suburban community with a mix of housing options, parks, and access to the Virginia Capital Trail.3. Tuckahoe: Tuckahoe is a residential area with a mix of housing styles, including historic homes and newer developments. It's known for its proximity to the University of Richmond and the Tuckahoe Plantation.4. Innsbrook: A business and residential community, Innsbrook is home to office parks, shopping centers, and a mix of housing options. It's situated in the western part of the county.5. Wyndham: An upscale residential community, Wyndham is known for its golf courses, large homes, and family-friendly atmosphere.6. Highland Springs: Located to the east of Richmond, Highland Springs is a diverse community with a mix of housing options and a historic downtown area.7. Varina: In the southeastern part of Henrico, Varina is known for its rural and suburban character. It includes the historic Osborne Turnpike and the Henricus Historical Park.8. Montrose Heights: A neighborhood with a mix of historic and newer homes, Montrose Heights is located in eastern Henrico and is known for its community events and parks.9. Stratford Hills: Situated along the James River, Stratford Hills is a residential neighborhood with a mix of housing styles. It offers scenic views and easy access to parks.10. Lakeside: Located in the northern part of Henrico, Lakeside is known for its diverse housing options, community events, and access to Lewis Ginter Botanical Garden.11. Sandston: In the eastern part of the county, Sandston is a community with a mix of housing and commercial spaces. It's known for its proximity to Richmond International Airport.12. Church Hill: While primarily associated with the city of Richmond, parts of Church Hill extend into eastern Henrico. It's known for its historic homes and vibrant community.13. Henrico County Lakes: The area around the various lakes in Henrico, such as Three Lakes Park and Lake Innsbrook, offers a mix of recreational opportunities and natural beauty.These neighborhoods contribute to the diverse character of Henrico County, offering residents a range of living experiences from suburban tranquility to historical charm. When considering a move or exploring neighborhoods, it's essential to take into account factors such as lifestyle preferences, proximity to work, schools, and community amenities.