True no cost loans (no points, no fees) depend on your loan amount. Today’s pricing for loans above $250,000 for a no cost 30 YR Fixed loan was 4.625%
IF YOU QUALIFY….
A true no cost loan has no closing costs to the borrower.
You are not getting a free loan, you will get a higher rate and have a higher payment than if you paid the costs. If you plan on keeping the loan for at least 4 or 5 years, you are better off paying some costs and getting a lower rate/payment.
In the long run, a no cost loan can cost tens of thousands of dollars in wasted interest over the life of the loan… HLS
