What does it mean when a lender claims he or she is “absorbing your mortgage costs”? Or what about an advertisement offering “No Cost” mortgages? Of course, there are costs associated with getting a home loan–a lot of costs. And the lender has to disclose them to you on a form called a Good Faith Estimate (GFE). So, when a lender claims it is absorbing your costs or “giving” you a “no-cost” loan, you will see a bunch of fees on your GFE. Then, the form shows all these fees being reversed or designated “paid by lender.” Continue reading ‘In Mortgage, Sometimes There Is a Free Lunch’
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