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Open Question: Is a no-fee no closing cost loan fair?

Open Question: Is a no-fee no closing cost loan fair?

This is a discussion on Open Question: Is a no-fee no closing cost loan fair? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; The loan in question is a no money down 5.8% refinance where the broker is getting $14k in broker fees ...

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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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12-03-2008, 08:32 PM

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Open Question: Is a no-fee no closing cost loan fair?

The loan in question is a no money down 5.8% refinance where the broker is getting $14k in broker fees FROM the lender. Is this savings that should have been passed down to the consumer or is it a typical percentage paid to the mortgage broker?

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closing, cost, fair, loan, nofee, open, question

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