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What is a "no-cost' loan and how does it work?

Pennies More accurately called a "no upfront-cost" loan, a "no-cost" loan is a mortgage that wraps the closing costs - such as application and credit check fees as well as appraisal and other settlement charges - into the loan amount. These expenses are often paid by including the costs into a larger total loan amount and charging a higher interest rate on the whole loan.

The no-cost loan could be a useful alternative for:
  • someone short on cash, or
  • a homeowner who is refinancing.
Another way to go is to pay the points and any other deductible closing costs in cash at settlement to secure the tax deduction. Usually this also means a lower interest rate, and therefore lower interest cost over the life of the loan.
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FIRST TIME How To Buy The Most Home For Your Money
QUALIFIED How Much House Can You Really Afford?
TIRE KICKING Secret Tests To Check A Property's Condition
LOCATION LOCATION: The Most Important Questions Every Buyer Should Ask
NEGOTIATE How To Buy The Home You Love At The Price You Want
SEARCH Quick Checklist For Finding The Perfect Home
INVEST YOUR RENT Why Pay Your Landlord's Mortgage?
MORE FOR LESS Six Tips For Getting The Best Loan
OPTIONS 10 Savvy Ways To Pay For A Home Today
SHELTER Six Little-Known Ways To Help Relatives Finance A Home
 
       
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