Americana Mortgage Group Home | About Us | Contact Us
need help?


Custom Loan Quote
First Name
Last Name
Loan Amount
MMG Report
In The News...
The National Association of REALTORS(r) reported today that sales of Existing Homes rose by 2.4% from August until September to the highest level this year. Sales rose to 5.17 million units on an annualized basis and above the 5.11 million expected....
No Cost Out Of Pocket
No cost out of pocket purchases A no closing cost out of pocket option can work extremely well when the rate market is declining and the borrower may anticipate refinancing fairly quickly. No closing cost out of pocket loans can be used effectively to free up more cash for repairs or other uses.

Potential tax implications - Purchases and paying points While tax deductibility is an important factor, paying points is only one consideration for a borrower. Paying points up front to secure a low rate, in a steadily declining interest rate market, may be simply throwing money away. If the borrower decides to refinance shortly after a purchase, the points and costs paid up front will be a wasted expense. A no closing cost out of pocket loan will not have points, and thus no deduction for that cost. Additionally, the other costs are paid for and no deduction is available.

Are there added costs involved with no closing cost out of pocket loans? No cost out of pocket loans always carry a slightly higher rate than a loan that does not pay all or some of your closing costs. In general, a no cost loan is the better strategy if you plan to keep your loan for the next year or two. Longer than that, you may want to consider paying the costs yourself to get a lower rate since over time the lower interest rate will save you more money. And if you plan to keep the loan for four to five years, it often makes sense to pay closing costs and points to get an even lower interest rate.

Points The simple way to understand points is this; points (one point is equal to 1% of your loan amount) are money you pay to BUY a lower interest rate - it's as simple as that.

If you have enough equity in your home, you can include the points in your loan amount. Your Loan Agent can help you determine what method is most beneficial to you.

Apply for one of the no-cost out of pocket loans and all your 'non-recurring'* costs will be rebated at the time of closing.

NOTE: All no-cost loans, regardless of the lender you use, require payment of 'recurring'** costs at loan closing.

* Non-recurring costs (rebated) ** Recurring fees (not rebated)
  • Loan Originator fees
  • Lender fees
  • Title fees
  • Government fees
  • Credit and appraisal fees
  • Property taxes
  • Homeowner's insurance
  • Mortgage insurance (if applicable)
  •   Americana Mortgage Group
    NMLS# 22338
    1615 Northern Boulevard, Suite 404
    Manhasset, NY 11030
    Phone (888) 262-6685
    Fax (516) 627-0229

    State Licensing Information|Privacy|Legal|Patriot Act
    Equal Housing Opportunity

    All content 1999- MorSystems™ All rights reserved.
    Account login
    Americana Mortgage Group - Site Map

    Homebuying Center
    Mortgage and lending information for purchase and home buying loans.
    Refinance Center
    Mortgage and lending information for refinance loans.
    Home Equity Center
    Mortgage and lending information for home equity loans.
    Learning Center
    Mortgage, lending, and credit information.
    Less Than Perfect Credit
    Learn how credit scoring works and how you can improve your credit score.
    Financial Calculators
    Financial, mortgage and lending calculators.
    Commercial Loans
    Commercial loans programs and information.
    Construction Loans
    Commercial loans programs and information.
    Interest Only Loans
    Interest only loan programs and information.
    Relocation Loans
    Relocation loan programs and information.
    About Americana Mortgage Group
    Mortgage Options & Programs
    In The News!
    Loan Agents
    The best loan agents.
    Our Staff Members.
    Our favorite real estate agents.
    Cities we serve
    New York, New Jersey, Connecticut, Florida
    11 | 12

    Mortgage web site design powered by MorSystems. Get your own mortgage website at Free trials for all mortgage websites.