No closing costs, no fees
100% financing, NO mortgage insurance (MI)

NO COST REFINANCE
Look into our no points, no closing costs, and no title fees refinance option.

Maximize your cash out and don't use up any of your existing equity when you refinance.  This can be achieved through our no cost option.  Your rate will be higher than a program where we don't pay the costs for you.  If you can consolidate your bills and dramatically reduce your payments every month at no cost to you, why wouldn't you?  None of the closing costs are financed into your new loan with this option.

 

HOME PURCHASE
Choice Home Purchase programChoice Home Purchase program
$0 needed for closing costs and down payment, $0 needed at settlement.  Excellent credit is not required.  Complete a mortgage application and a Loan Officer will contact you.

Available in Maryland, Virginia, Washington D.C., West Virginia, and Delaware.  If your property is in another state, complete this form and we will refer your request. 

To help expedite the process, email your W-2's, paystubs, and bank statements to helpATchoicefinanceDOTnet.  Include in your email the Sales Price, and your Real Estate Agent info if you have one... if not, we will be happy to provide an Agent who is trained on this program.  We will need to pull your credit when we run your loan for approval.  Due to the high volume of application requests, we ask for $12 upfront to cover the cost of pulling your 3 credit scores. 

More on the Choice Home Purchase program

 

 

 

Sample Good Faith Estimate:
CLOSING COSTS
Loan Origination points, $4000 -$0
Loan Discount points -$0
Appraisal, $325 -$0
Credit Report, $22 -$0
Underwriting, $425 -$0
Doc Review, $250 -$0
Admin, $495 -$0
Flood Cert., $16 -$0
Settlement, $295 -$0
Survey, $150 -$0
Title Insurance, $1400 -$0
Title Search, $155 -$0
Recording, $150 -$0
Pest Inspection, $50 -$0
County Transfer Tax, 1% x Deed= $4000  Buyer's share= $2,000 -$0
State Transfer Tax, .5% x Deed= $2000  Buyer's share= $1,000 -$0
State Recordation Tax, .69% x Deed  Buyer's share= $1,380 -$0
TOTAL COSTS= $8,187 -$0

Rates, fees, good faith estimate
My Community   FHA   VA loans   Police   Teachers

 

Search the internet, and you may find popular national banks promoting their "no fee" mortgage with:
1) No application fee  2) No closing fees  and 3) No private mortgage insurance required
Our response:
1) No one charges an application fee.
2) You, the borrower, still have to pay your share of the Transfer taxes (that's $4,380 on a $400,000 loan in Montgomery County).
3) We offer you the no mortgage insurance option.  We also explore the option with insurance, because this payment is sometimes less!

 

*To qualify, complete a detailed loan application first.  Your no cost loan must be approved and signed upfront by Choice Finance® management for you to be eligible.
Borrower must agree to initial consultation with Choice Finance® and must meet and agree to all Choice Finance® qualifying criteria and property eligibility. Total payment is an estimate because we don’t know your actual taxes and insurance amounts.  Your first payment won't be due until the month after.. close July 20th, and first payment will be September 1st. A typical Maryland contract splits the transfer taxes 50/50 between buyer and seller, with the State Transfer completely paid by the seller if a first-time homebuyer.  Minimum loan amount of 200,000 for the no cost option.