“Over my years as a direct lender, I found the expense of Closing Costs were a homeowner’s biggest concern when considering whether to refinance. Even if they knew they were going to save tens of thousands of dollars over the life of the loan, people still hated having to 'pay to save'.”
- Robert Palmer
No! We do not raise our rates to pay the Closing Costs. Please read our Frequently Asked Questions and then come back to this page, we address those questions and more Here.
Please read our Frequently Asked Questions and then come back to this page, we address those questions and more Here.
What is the benefit of RP Funding paying my Closing Costs when I refinance?
Simply put, we save you money. Most of our clients currently refinance to access their home’s equity, which has increased significantly in the last few years. We are different from most lenders who take the Closing Costs OUT OF YOUR HOME EQUITY reducing the amount of cash you receive from the refinance. At RP Funding we don’t do this.
My No Closing Cost Refinance puts an extra $7,000 in your pocket when you cash out your equity.
How the “No Closing Cost Refinance” program was born
Over my years as a direct lender, I found expensive Closing Costs were homeowners’ biggest concern when considering a refinance. Even if they knew they were going to save tens of thousands of dollars throughout the life of the loan, people still hated having to ‘pay to save.’
At that point, my advertising budget for our refinancing services was in the millions, so I thought, “What if I took $1 million from advertising and used that money to pay our clients’ Closing Costs instead?” I thought such an amazing offer might be able to generate enough word-of-mouth advertising to replace the advertising I cancelled, and that's exactly what it did.
So, that's how we are able to cover all Closing Costs for each and every single one of our home refinancing clients, including everything from doc stamps and intangible tax to title insurance. By combining those savings with our "no lender fees" promise and our ability to keep loans in-house from start to finish, we are able to provide our customers thousands and thousands of dollars in savings.
Through all this, our objective was to earn enough referrals and recommendations from satisfied customers to recoup our investment. At the time, we were not sure it would work. There was definitely risk involved. Fortunately, our gamble paid off. Positive word-of-mouth proved to be ten times more effective than radio and TV ads put together. In just one year, our $1 million investment saw an incredible return. Rather than taking our earnings and retiring the offer to keep the profits in our pockets, we doubled down and reinvested into making our “No Closing Cost Refinance” a permanent program and a pillar of the RP Funding experience.
Today, I can say unequivocally that the No Closing Cost Refinance campaign is single-handedly responsible for the incredible growth of RP Funding. Our No. 1 priority was and continues to be to serve our clients by providing the most savings and the best service.
How does working with a Local Florida based lender, like RP Funding, help me when I refinance?
We understand the Florida Real Estate Market and Home Values in this area. Out of state lenders aren’t always connected to the factors driving home equity increases in the state of Florida, which could cause problems with your refinance.
We have participated in more than 30,000 deals in Florida providing us with useful data and institutional efficiencies. All of this expertise is used to make sure you get the best deal possible.
When is the right time to refinance?
There are two main reasons to refinance under current market conditions. First, you should refinance when your home has increased in value. You can use the funds to pay off other debt or make home improvements or go on a vacation.
Secondly, you should refinance when you credit has improved. Your credit score plays an important role in determining your mortgage interest rate. The higher your credit score, the lower your interest rate.
With RP Funding’s No Closing Costs Refinance, you can move forward with confidence that you are not wasting valuable resources just to get a better rate or get cash out of your home.
Why Should You Refinance Your Home?
With home values at an all-time high and our No Closing Cost Refinance program, now is the perfect time to refinance your home. You can use your home equity to take out the cash needed to make home improvements, pay off debt, or make other large purchases.
Our No Closing Cost Refinance can help you secure a lower interest rate, pay off your loan faster, or get you the cash you need to take on your next project. Now’s the time to take advantage of the savings we can offer you.
Here's what you can do with your savings:
- Canceling private mortgage insurance
Most consumers don’t realize that PMI can be dropped when they have 20 percent equity in their home. Dropping PMI on your mortgage can save you thousands.
- Cutting years off the length of your mortgage
Refinancing your mortgage to a shorter term can help pay your home off faster; every year you eliminate from the loan can save you hundreds or even thousands of dollars.
- Funding overdue home improvements
Is it time to fix your roof or install new hardwood floors? Want to add a pool? With a refinance, you could fund the home improvements you’ve been dreaming of for years.
- Eliminating high-interest debt
Refinancing your home loan can help you lock in a lower interest rate and consolidate your high-interest student loan and credit card payments, offering significant savings on the road to debt-free living.
- Make large purchases you’ve been holding back
Looking for funds to purchase the car you’ve been eye-balling for years? Use your home equity to get the cash you need and skip the hassle and higher interest rates of car dealership financing.
RP Funding Inc., Florida Licensed Mortgage Lender
1400 International Parkway South, Suite 1000, Lake Mary, Fl 32746