No Fee Mortgages Coming Soon
by Charles Essmeier
Buying a home, especially for the first time, can be a daunting experience. There are endless credit checks, bank checks, employment checks, appraisals and more paperwork than seems to make sense. Adding to the angst associated with buying a home is the endless list of fees that are added to the cost of the mortgage. In addition to the interest rate quoted for the loan itself, lenders add other items to the closing costs, including appraisal fees, loan origination fees, credit report fees, document preparation fees, postage fees and all manner of other items that are often not even mentioned by the lender until closing time. The borrower often ends up suffering from a form of “sticker shock” at closing time, as the costs associated with closing on the loan are often substantially higher than expected. That may change, however, as several banks are about to introduce so-called “no fee” mortgages.
The concept of lending without a long list of additional fees isn’t new; banks have been offering “no fee” home equity loans for several years. The continued boom in the national real estate market has prompted increased competition among lenders. Dropping the itemized fees from first mortgages is the latest attempt by several large banks to try to stay ahead of the competition. The fees, some of which are nothing more than added-in profit, will still exist. It just isn’t possible to obtain a mortgage without a credit check or an appraisal of the property. What the “no fee” mortgages offer is an interest rate that is slightly higher than the standard mortgage. The fees are simply rolled into the total price, and the borrower has a much simpler set of paperwork at closing. Lenders think that by streamlining the process, overall costs can be lowered, and the savings can be passed on to the customer.
Those interested in purchasing a home with a “no fee” mortgage should ask around, as several large national banks are offering them now. Be aware that the name is a bit of a misnomer; “hidden fee” would probably be more accurate. Still, the process is simpler with a “no fee” mortgage, and there is definitely less “sticker shock” at closing time.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com, a Website devoted to debt consolidation information and http://www.HomeEquityHelp.net, a site devoted to information on home equity loans.
Join the Free Ez Credit Bulletin and get Free Money-Making Gifts!
At EzCreditAZ.com we can help you get credit, cash fast, a payday advance, debt relief and more. But, that's not all. Even more importantly, we want you to transform your bills into cash and start building a future where money issues will no longer be a worry! To get to that point please join our Ez Credit Bulletin. It will give you the tips, tricks and secrets you need to become wealthy and leave your debt worries behind!
Debt help and the need for some fast cash in whatever form - a payday loan, a consolidation loan, a home equity loan, or whatever - is often welcome relief. We can show you where to go to get the best deals and maybe save you some time and aggravation.
Just for joining you'll also receive some special money-making bill busting bonuses including Money Without Leaving Home and Get a Job Fast some nice ebooks.
Once you've signed up please check out the cash advance, credit repair, and loan consolidation companies we do business with. They are solid and secure and you can get paid money very quickly.
While here you'll also discover a variety of credit repair, debt help and wealth building tools and secrets that you can begin using today to push toward financial freedom.
Privacy Policy: Rest assured your email address will never be given out, rented or sold for any reason. We value your privacy. Should you ever wish to do so you can unsubscribe with one quick click in any email we send you.
credit - Yahoo! News Search Results
credit - Yahoo! News Search Results
Credit Cards For Kids
Giving your child a credit card can be an important lesson in money management.
Credit unions' best credit cards
Credit unions often offer lower interest rates on their credit cards than big banks do, but some are better than others. Here are 4 to consider.
THL Credit Schedules Fourth Quarter Earnings Release and Conference Call
BOSTON -- THL Credit, Inc. ("THL Credit"), a middle market capital specialist, today announced that it will report its financial results for its fiscal fourth quarter 2011 after the market closes ...
Credit Builder Loans Can Help Burnish Your Credit Score
Credit builder loans, offered by credit unions and other institutions, help credit-starved borrowers rebuild or establish a credit history.
Economic Report: Consumer credit surges in December
Consumer credit popped for the second straight month in December, a sign that consumers are feeling more confident about their prospects and the economy.
Newsfeed display by CaRP
Home |
Resources |
Articles |
Wealth Secrets |
Big Money |
Ez Credit Bulletin |
Contact
copyright 2006 EzCreditAz.com
