Most mortgage brokers should be able to give you a loan without any closing costs, by using the "yield spread premium" associated with a higher rate to apply against or offset your closing costs. When comparing interest rates and closing costs, I would suggest that you look at all the costs involved and also asked your mortgage broker whether a "yield spread premium" is associated with the loan they aare making to you. This mortgage spread premium is extra income to that mortgage broker.
Quote:
Originally Posted by OleTomCat
There is a company around here that is offering a No closing cost mortgage, he doesn't roll them into the loan either. It is the way he works the loan, I think you end up paying a little higher rate but still no closing costs.
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