“TFC” Overview


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What is the difference between a “No Closing Costs” refinance and an CBC National Bank FHA Streamline Rate Reduction with a Title Fee Credit (TFC)?

A Traditional Refinance w/ No Closing Costs An CBC National Bank FHA Streamline Rate Reduction with a Title Fee Credit
The lender does not charge any upfront points. CBC National Bank will not charge any upfront points.
The borrower customarily pays the typical title (settlement) and recording fees out of pocket OR the borrower adds the fees to the new loan balance. With “No Closing Costs” loans, the borrower does not pay direct lender fees, but MAY be required to pay some or all of the customary title and settlement costs. CBC National Bank will pay the customary title (settlement) and recording fees on the loan. At settlement, we will issue a lender credit to cover these costs. Bank fees are NOT added to the borrower’s loan balance. The TFC may result in the borrower paying a slightly higher rate.
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 CBC National Bank FHA Streamline Rate Reduction allows the borrower to add less money to their loan balance.

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The FHA streamline refinance program helps borrowers lower mortgage payments. CBC National 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. No cost programs may result in a slightly higher interest rate. FHA Streamline Refinances may close in as few as 15 days, depending on date submitted. CBC National 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.

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Kwe Parker (NMLS#49165) is a professional mortgage specialist for CBC National 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.