What is a no-cost mortgage?

Answer

With a no-cost mortgage, the lender includes typical closing costs, which might add up to 3 to 5 percent of the loan. However, it’s not necessarily a good deal, since you’ll pay a higher interest rate on the loan for the privilege.

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Read the fine print

It’s important to read the fine print – no-cost mortgages may not permit you to refinance at a lower rate without paying substantial penalties.

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