Clark W. Griswold, Jr. wrote:
wrote:
Anyway, for US, it worked very well. We got the mortgage, it really
didn't cost us anything
I'm glad it worked out for you, but it wasn't "no cost". The person who coined
that phrase should be hung up next to the person who came up with "new &
improved".
You're paying any closing costs in the rate spread between your loan and the
actual market rate at that time.
You are probably correct. When I was comparing rates at the time, the
one we ended up with was not the lowest nor highest of those listed in
the newspaper.
However, to me the good part is I KNEW what the rate and mortgage type
were, there were no games possible with "estimated costs" etc. While
marginally more expensive on the rate, it was certainly easier on the
brain.
All of which was much easier than any of the previous mortgages I have
held over the years.
While there is no particular reason to go with the same mortage company
(other than it seemed to work just fine, and these days that's a
serious plus), my future mortgages will certainly include considering
the no-cost type.