A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Definitions of No-Cost Loan

Many lenders offer loans that you can obtain at "no cost". You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transaction, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that the interest rate will be higher than if you obtain a loan that has costs associated with it. This definition of No-Cost Loan contributed by gulf-coast-associates.