What is a No Cost Mortgage?
Premier Atlanta Mortgage Company originated its "No Closing Costs" loan program in 1992. At this time, George Martin visited Tom Mayo, who was the President of Colonial Mortgage Wholesale. At that time, George asked Tom if they could go higher on the interest rate in order to pay back enough money to pay for its clients' entire closing costs. Tom said this could be done but asked, "Why would anyone want to do that?" George replied, "Because they can drop their interest rate as low as an 1/8 of a percent and not have any excuse not to refinance." Upon this conversation, Premier Atlanta Mortgage Company began offering a true no closing cost mortgage transaction. For the past 19 years, this has been the preferred option of 99% of our clients.
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Loan officers typically try to charge you an origination fee of .50% to 1.0%. Generally, origination fees are not tax deductable, which makes the cost of a mortgage transaction even higher. Premier Atlanta Mortgage Company DOES NOT CHARGE AN ORIGINATION FEE! Additionally, Premier Atlanta Mortgage Company is required to credit a borrower any additional money that is left over from the lender after closing costs have been paid. Banks are not required to credit the borrower additional money after closing costs have been paid. Not only is it less expensive to do a mortgage with Premier Atlanta Mortgage Company, you can actually make money by doing a mortgage with Premier!
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How Premier's employees are different
