No closing cost mortgage loans are usually associated with refinancing mortgage loans. The no closing cost program is ideal for homeowners who lower their monthly payments without paying closing costs. The closing cost usually includes title and escrow fees, appraisal fee, lender fee, credit report fee and other miscellaneous expenses over the period of the loan.

No closing cost loans allow you to avoid closing costs by selecting a slightly higher interest rate. When you choose a no closing cost loan you receive a rebate that will pay your closing costs, allowing you to close with less money up-front.