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James A. 'Jim' Byler
Coldwell Banker Residential Brokerage
Post Road Market Place 318 Main St, Suite 165
Northborough, MA, 01532
Office: 508-449-4026
Fax: 508-449-4026
Email
Visit NEMoves.com
Lic. #: 9043270 (Massachusetts)
What about ads for no-cost loans? Print

What about these ads for no-cost loans?

In many states, real estate regulatory agencies are cracking down on such advertising. The very term, "no-cost" loan, is misleading because borrowers are actually paying a higher interest rate in exchange for not having to pay fees or closing costs up front when the loan is secured.
A "no-points" loan is one for which the lender does not charge points (one point is equal to 1 percent of the loan amount). But there are other fees involved in no-point loans, as with most loans.
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Last Updated ( Tuesday, 29 July 2008 )
 
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