Mortgage Rate Chicago | No Cost Loan

A No Cost Loan is seen by many as a risk free way to take advantage of low interest rates. Mortgage lenders typically offer this program to well-qualified persons thereby allowing the consumer to pay zero closing costs on their refinance or purchase loan (excludes any required pre-paid fees and escrow account fees).

However, the typical drawback to a No Cost Loan is lenders tend to charge a little bit higher interest rate when compared to standard fee loan offerings.

If you plan to only stay in your home for a few years, a no cost purchase mortgage will save you on out of pocket money required at closing.

However, if you are already applying for an interest only loan and your home is in a low appreciating market, you run the risk of owing more money than your home is worth until market appreciation improves your equity position a few years down the road.


	Fill out our easy online application form and a Mortgage Rate Chicago loan officer will call you back within the next business day to discuss your various loan options. Of course, there is no cost or obligation.
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