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What can I do to get more (or better) quotes for my loan request ZR-FCMKTXP

Looking for best rate for no closing cost, no points loan.

  • August 27 2010 - Carson
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Answers (1)

All loans have closing costs associated with them, i.e. escrow, title, etc.  
A no-cost mortgage is a type of loan in which you do not have to pay anything to the bank for the loan. Typically these mortgages come with higher interest rates which include a rebate to the mortgage broker.  These rebates are used to pay the costs associated with obtaining the new mortgage.

With the no-cost mortgage while there are technically no closing costs, you still pay the closing costs over the life of the loan in form of the higher interest rate.

You may be looking for a no-cash mortgage the interest rates are typically lower than a no-cost, but the cost of obtaining the mortgage are added to your loan amount, which means you are going to be paying those costs over the life of the loan.

If you'd like to more information on which option is best for you, feel free to to contact me via Zillow. 

  • August 27 2010
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