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“TFC” vs. “No Closing Costs”
What is the difference between a “No Closing Costs” refinance and an American Bank FHA Streamline Rate Reduction with a Title Fee Credit (TCF)?
| A Traditional Refinance w/ No Closing Costs | An American Bank FHA Streamline Rate Reduction with a Title Fee Credit |
| The lender does not charge any upfront points. | American Bank will not charge any upfront points. |
| The consumer MUST PAY the customary title (settlement) and recording fees in cash or add them to the new loan balance (an appraisal may be needed). | The borrower receives a credit from American Bank equal to the customary title (settlement) and recording fees. This means that the borrower is not adding those fees to the loan balance. |
| If the borrower does not want to bring money to closing, a full property appraisal is needed to determine equity and how much room is available for the customary title (settlement) and recording fees to be rolled into the loan amount. |
The difference is simple. The American Bank FHA Streamline Rate Reduction allows the borrower to add less money to their loan balance.
Speak with a FHA or VA Streamline Rate Reduction Specialist Now! <Click Here>
The FHA streamline refinance program helps borrowers lower mortgage payments. American Bank specializes in FHA streamline refinancing transactions that lower interest rates and reduce mortgage payments without appraisals or income verification. FHA Streamline Refinances may be possible without increasing existing loan balances. FHA Streamline Refinances may close in as few as 15 days, depending on date submitted. American Bank specializes in VA Streamline Interest Rate Reductions with no income verification. VA Streamline Refinances may be possible without increasing existing loan balances. VA Streamline Refinances may close in as few as 10 days, depending on date submitted.
© 2010 American Bank. Trade/service marks are the property of American Bank or their respective affiliates and/or its subsidiaries. Some products may not be available in all states.
Kwe Parker is a professional mortgage specialist for American Bank that
specializes in showing FHA and VA borrowers how to use seldom publicized
methods to lower FHA and VA mortgage rates without the normal hassles
associated with refinancing. Kwe "Clay" Parker and his team have helped
thousands of FHA and VA borrowers reduce their mortgage payments.
American Bank
1526 York Road
Lutherville, Maryland 21093
