The Mortgage Warehouse
  • Scott is a true professional. I have refinanced my mortgage twice with him and The Mortgage Warehouse. I found them to be very responsive, professional and quite easy to do business with.

  • Mike is the best mortgage professional I have ever dealt with. He permanently financed our dream home, and saved us thousands of dollars in other areas. We should never need another loan again for life.

  • Now that I have finally opened the last box and have settled into the new house, I wanted to thank you for all your assistance with my closing. I do sincerely appreciate all that you did.

No Loan Cost

Mortgage Warehouse offers a very popular no loan cost option on many of our loan programs. Many banks offer a "no point" mortgage where they don't charge fees, however the borrower still must pay for some items such as title search and appraisal fees. With our true no loan cost mortgage, the borrower pays no loan costs period!

Common Questions About Our No Loan Cost Program

The following are general questions and answers regarding our popular No Loan Cost home loans. Because underwriting rules and guidelines change often and each borrower’s situation may vary, these answers do not supersede the guidance of your loan professional.

Q: Why is a No Loan Cost loan a big deal? Will I really benefit and save money?
A: The average that a Florida homeowner pays for loan costs is $4,395 (as published by Bankrate.com). Our No Loan Cost customers avoid having to pay this $4,395 which results in a huge savings.

Q: Do you charge a higher interest rate on the No Loan Cost loan program?
A: Our No Loan Cost rates are typically at or below the national average. You can expect to get an interest rate that is just as low as what other places are offering but with us, you will avoid paying for all those closing costs.

Q: If there are no loan costs, how does Mortgage Warehouse make money?
A: We pay for your loan costs with some of the revenue that we make when we release the servicing of the loan in the secondary mortgage market. After paying for your loan costs, we still profit although our margins are not nearly as high as some other lenders and banks. We receive a lot of referrals and repeat clients which is a big part of our success and helps us keep our exceptional pricing.

Q: What is the minimum loan amount required for the No Loan Cost mortgage?
A: This varies with changes in the market but usually around $180,000. During periods of exceptional loan pricing, we have approved no loan cost home loans as low as $150,000. With smaller loan amounts, we significantly “scale down” the loan costs, but cannot waive everything. It is best to try our free mortgage review service so that we can price out your specific scenario.

Q: Is the appraisal fee included in the No Loan Cost mortgage?
A: Yes. With regards to the appraisal fee, borrowers will pay upfront for this service (typically $300-$400) and Mortgage Warehouse will reimburse this fee at closing. If for any reason the loan does not close, Mortgage Warehouse does not reimburse the appraisal fee.

Q: I know some states have additional taxes, variable costs and government fees that are paid at closing. Does it matter where my home is located?
A: Typically it doesn’t matter unless your property is located in Florida. Florida is a state that captures revenue from real estate transactions. Since we can’t waive these fees, we’ve made adjustments to our No Loan Cost loan program on Florida properties to help our customers get the best deal and simplify the process. On Florida No Loan Cost loans, we cover all closing costs except transfer taxes/document taxes.

Q: Does the No Loan Cost mortgage have a pre-payment penalty?
A: No

Q: Can I still qualify for the No Loan Cost mortgage if I have less than perfect credit?
A: The No Loan Cost mortgage was designed for those with credit scores of 740 and higher but some below this mark have been approved on a case by case basis. You really should try our free mortgage review to learn all of your options.

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Mortgage Warehouse, LLC
13430 Parker Commons Blvd., Unit 103, Fort Myers, FL 33912
(239) 313-5000, (239) 344-9223 Fax
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Florida Mortgage Lender License #MLD419