No Closing Cost Mortgages Program!

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No Closing Cost Program

Under the no closing cost loan program, Miller Lending Group, LLC offers you an interest rate which allows us to receive a premium from the lender to which we broker or sell your loan.  We use that premium to pay all required closing costs related to your new loan.  The following items are generally considered to be required closing costs:

  • Our origination fee
  • Lender fees such as commitment fee, underwriting fee, tax service fee, wire fee, doc prep fee, tax transcript fee, HVE fee, or any other fee charged by the lender except rate lock extension fees
  • Loan processing fee
  • Property appraisal
  • Closing attorney (except as noted below)
  • Lender’s title insurance on all transactions and owner’s title insurance on purchase transactions
  • Credit report
  • Government recording fees
  • Other fees which are typical and standard for the loan program provided

There may be costs associated with your new mortgage that are not directly related to or required in order to obtain the new mortgage.  Miller Lending Group does not cover these costs which may include:

  • Survey if not required by the lender
  • Optional property inspections, including pest, structural, and well/septic inspections
  • Payoff statement fee charged by your existing lender in a refinance transaction
  • Interest charged by your existing lender in a refinance transaction, including any interest overage deemed necessary by the closing attorney
  • Rate lock extension fees when the loan does not close by the rate lock expiration date (We will always lock your rate for a period sufficient for us to close before the expiration provided you return all documents within 48 hours of the request.)

Additionally, you are required to provide all funds necessary for the following items.  Funds can come from any source acceptable to underwriting, including (in some cases) proceeds from a refinance transaction

  • Establishing an escrow account (if required)
  • Interim interest from the closing date through the end of the month in which the loan closes
  • Funds required for insurance or property tax payments
  • Down payment on purchase transactions
  • Any fees payable to real estate agencies, homeowner’s associations, or condominium management firms

Special note regarding your selection of a closing attorney:
Miller Lending Group will provide you with a list of our recommended closing attorneys.  If you select an attorney from our list, we cover all attorney expenses related to this transaction.  You are free to select a different attorney provided that attorney is not on our disallowed list.  However, if you select your own attorney, Miller Lending Group will only cover attorney fees, including any ancillary fees charged by the attorney, up to a maximum of $750.  Title insurance is considered a separate charge and is covered by Miller Lending Group regardless of your choice of attorney.

Appraisal fee paid in advance:
You are required to pay for your appraisal in advance and Miller Lending Group will give you a credit at closing to reimburse you for that expense.  However, if the loan does not close for any reason we do not provide any refund for the cost of the appraisal.