Quote
Request

Why no Closing Cost?

Jon Shibley, President & CEO, Lenox Financial

Save $6-7000

“When you talk about no closing cost, the easiest thing to say is: ‘Don’t go and blow six or seven thousand dollars in closing cost and pay some predator thousands and thousands of dollars when you can do the same thing for free.’

A Revolution in the Mortgage Industry

The reality is that people are becoming more educated. When interest rates hit 45 or 50 year lows, every single person that owns a mortgage becomes a candidate. When you take under consideration that people are refinancing more and they are buying more houses because of the low rate environment, well with that comes the education, and I believe that it’s a natural progression that will revolutionize the mortgage industry.

The more advertising that we do and the more people that become aware of it, the more they are going to realize that total no closing cost mortgages are now available. The more people realize that they do not have to invest thousands of dollars in closing cost, they are going to slowly understand that they can manipulate the market in a way that can suit their personal needs.

There was a time when people spent thousands of dollars in commissions trading their stock portfolios. When the commissions were eliminated, it revolutionized the industry all the way to the degree that people are trading their own stock accounts now, without any sort of licensing, and doing it themselves online with no commissions at all.

I feel that the mortgage industry will eventually be revolutionized to that degree, somewhere down the line. The very first step is getting rid of the closing costs, which is what we have been able to accomplish.

You wouldn’t trash your car and start riding a horse to work, or get rid of your CDs and go back to tapes. Paying closing cost on your mortgage is making the same mistake. So I think it is normal that this no closing cost mortgage will revolutionize the industry.

Our Mortgage Management Philosophy

The market is so volatile—a mortgage in which you are spending $5,000 or $6,000 in closing costs now may be obsolete in two months. Using our mortgage management philosophy, the most sophisticated technology and the most sophisticated mortgage managers that are handling these transactions, we watch the market on a day-to-day basis, and can catch fluctuations in the market that will allow you to lower your mortgage payment, consolidate your second mortgage, payoff your credit card debt, or do whatever else you need to do. We then sit back and watch the market, and as rates get better down the road, repeat the process again!

We did a little study and since 1989 rates have fallen month-to-month over 119 times and they have risen over 57 times. They dropped 36 times from one quarter to the next, and went up about 30 times between one quarter and the next. From year-to-year on average they’ve dropped 12 times and they’ve risen four times. What this basically means is that you wouldn’t invest thousands of dollars into a company stock at a 12-month high. Don’t invest thousands of dollars at any particular time! The odds are that through market fluctuations, whatever the rate may be (whether it’s 5%, 6.25% or 4.5%), no matter what the scale is, the charts will perpetually hit those marks. The key is to be ready—watching like a snake about to take a bird out of a nest—and jump on the market.

When you are not investing thousands of dollars, you can manipulate the market to accommodate your personal needs at any particular time.

Our Customers Have Saved Over $200,000,000

We have saved customers over $200,000,000 in closing cost! Don’t let these predators get any more of your cash. We are doing for free what they have been charging thousands of dollars to do for years, and it really is free.

Make no mistake about it—just as not everybody gets to drive a car, not everybody gets a no closing cost mortgage. You have to qualify. This is for people that pay their bills on time and that normally would qualify for a mortgage. But if you qualify, and most of our customers do, you are not going to have any closing cost and we don’t roll them in to the loan. If you walk in with a $300,000 loan, you will walk out with a $300,000 loan. We are going to pay for your credit report, appraisal, intangible taxes (in the states that they apply) and attorney fees. Yes—we are going to pay for all that!

Don’t go with some mortgage guy and invest $5,000 or $6,000 paying closing cost when you can get the same thing for free. When you are not paying thousands and thousands of dollars in closing cost, you can actually manipulate the market to your personal advantage.

Maybe you have kids in college and you want an interest-only loan for a while to save some cash —no problem. When your kids get out of college, you may want to look at a 15- year loan to regain equity—no problem. If the 15-year mortgage payment becomes to steep and you want to switch to a 30-year fixed—no problem. When you are not paying thousands and thousands of dollars in closing cost, you can actually manipulate the market to your personal needs, not to mention that you can probably find a better way to blow $5,000 or $6,000 on furniture, carpet, redoing hardwoods floors, etc. Whatever it is, we will find a way to do your mortgage with no closing cost, and you can find a way to blow your $6,000 on something that is not as bad as investing thousands of dollars into a mortgage that may be worthless in one month because rates just got better.

Refinance Now!

Over the last 13 years, I have tried to come up with as many different ways as I can to say that you can refinance your mortgage and do it with no closing cost. We are making money with something that is actually good for the consumer. I realize it is not a great industry and it needs to be revolutionized. I have tried to come up with more ways to let people know that closing cost can truly be free.

Make no mistake about it, we manage people’s mortgages based on their needs and we do it with no closing costs.

We will never compromise anyone’s personal or financial situation in order for us to accomplish our goal. I truly believe what comes around in this world goes around. You harm a kid, whether in this life or the next, and I think some one is going to come to work on you with a blow torch and a drill. Mortgage companies are going out of business left and right. About 52 major lenders have recently have gone out of business because they have made so many risky loans, and they’ve had so many deals go into foreclosure, they can’t survive now.

13 Years Experience

We’ve been in business for 13 years. We do $4,000,000,000 a year in mortgages and have saved customers over $200,000,000 in closing cost and it has never been brought to my attention once, by any of our investors, that we have had a property go in to foreclosure. Why? Because we manage mortgages with no closing cost to suit the needs of our customers and no one has ever been better at it than us and that is the biggest ‘no brainer’ in the history of earth.”

 Copyright © 2008 Lenox Financial Mortgage, LLC. All rights reserved. Georgia Residential Mortgage Licensee No. 19100