No Closing Cost Mortgage
New homeowners can keep more money in their pockets with RadiFi.
Lower your out-of-pocket expenses the easy way
A No Closing Cost mortgage lets you roll closing costs into your loan balance or rate*.
On your terms
Choose a timeline that works for you and yours.
15, 20, and 30-year terms for fixed-rate loans are available**.
No PMI Option Available
You may qualify for a lower monthly payment.
Ask about our No Private Mortgage Insurance option.
Up To 100% Financing
Don’t have the large down payment? Don’t worry.
Inquire about 100% home financing today.
Who Pays What?
All of the costs and fees for a home sale or purchase are individually listed on a disclosure. Lenders call this the Closing Cost Details Disclosure, while title companies call this a Master Statement. Closing cannot take place until both of these forms match exactly. RadiFi will pay up to $5,000 in closing costs which includes the following:
How Much Does A Mortgage Cost?
Mortgage Costs Paid by You
- Points – This is a % of the loan amount paid at closing to get a lower interest rate over the life of the loan.
- Electronic Document Delivery Fee – Usually a flat fee for the software used to securely send sensitive documents electronically. This saves you time and money since this is often less expensive than overnighting paper documents.
- Loan Processing Fee – A $995 fee paid to the lender to process all of the documents and coordinate all of the vendors involved in a transaction.
- Prepaid Interest – This is the amount of interest that would be due between the closing date and the date of your first regular mortgage payment.
Other Recurring Expenses of Homeownership
- Homeowner’s Insurance – All lenders require a homeowner’s insurance policy to be in place for the duration of the mortgage.
- Mortgage Insurance – This insurance is usually required until the amount of the loan is less than 80% of the property’s value.
- Property Taxes – Are charged by the county and paid annually in November.
- Homeowners Association Fees – If there are monthly or annual fees charged by your neighborhood any amount due between closing and the next scheduled payment would be due at closing.
- Property Survey – Performed by a licensed surveyor, a property survey is a precise, to-scale map of your property including any structures.
Crunch Your Numbers
How much can you afford? Is now the right time to refinance? Run some numbers with our free calculators.
*The information provided by these calculators is for illustrative purposes only and accuracy is not guaranteed. The values shown are hypothetical and may not be applicable to your individual situation or guarantee extension of credit. Be sure to consult a financial professional prior to relying on the results.
OUR MEMBERS EMPOWER US
We’re dedicated to empowering you, which fuels everything we do.
— Jo N., MemberWhat an incredible mortgage experience! From pre-approval to closing, the entire mortgage team was stellar. They kept me well-informed, found ways to save me HUNDREDS of dollars and we even closed ahead of schedule! Truly remarkable customer service. Thank you, JAXFCU (now RadiFi)!
ALL YOUR BURNING QUESTIONS ANSWERED
While qualifications vary for specific mortgage programs, the 2 main things needed are:
- a steady job with sufficient income to support your mortgage payment
- a minimum credit score of 640.
Other lenders may go as low as 580, but will be more costly!
PMI stands for Private Mortgage Insurance. This insurance is usually required until the amount of the loan is less than 80% of the property’s value. This can be achieved 3 ways :
- a down payment of 20% of the purchase price
- an increase in property value due to renovations/upgrades
- over time with each payment.
There are some situations where this fee could be waived, so check with your mortgage professional to see if this option is available for your loan type.
The average closing time depends on the current market and the type of loan. It can take between 30-45 days from origination date after the application file is complete. During this time, an appraisal and inspection are usually conducted and homeowners insurance is purchased. Your mortgage originator can provide you with a more accurate timeline depending on your loan.
Meet with our Mortgage Expert
Ready to get started? Meet with our Mortgage Expert, Shauna Thompson, to get answers to your questions and start the mortgage process now.
DISCOVER THE BENEFITS OF MEMBERSHIP
Becoming a member of RadiFi is quick and easy. Whether you prefer to join online, by phone, or at one of our branches– we’re ready to welcome you.
Disclosures
*Our No Closing Cost Mortgage covers up to $5,000. Not all closing costs can be rolled into your loan.
**Loans for primary residences or second homes in Florida and Georgia only. The amount of the total costs paid may be limited by the loan amount and certain underwriting factors.