Oh Harvey,
How sad that you are LOL’ing.
No cost loans exist and if you never refinanced
to a lower rate with one then there is nothing to laugh about, you should be crying instead as you are wasting many thousands of dollars in interest over the life of your loan.
It’s really sad that you would make such a comment.
I’m not sure who/where you get your financial advice.
No cost loans exist and means your loan has NO COST. Lender credits pay ALL closing costs.
If you start with a $300,000 loan your new loan will be $300,000 and you don’t pay a penny in charges/costs to refinance.
It’s not a gimmick or a trick.
In many cases borrowers got money back in addition to a no cost loan.
Mortgage brokers gave people money back.
Many banks didn’t give people money back.
Ignorance, stubborness & foolishness about the biggest financial commitment of one’s life is nothing to LOL about.
Many people get confused about no cost loans but never bother to ask questions/have it explained and are wasting tens of thousands of dollars in interest.
(Instead they just LOL at the thought)
I bet that you think ‘banks’ have the best mortgage rates.
Lowering one’s rate by just .25% at no cost
would mean saving a bunch with most CA loan amounts.
