No Points, No Closing Cost Loan

From: BobWo@aol.com
Subject: No Points, No Closing Cost Loan
Date: Sun, 22 Nov 1998 01:02:55 EST

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Howard Cohen wrote:
>A few weeks ago I mentioned my fondness for the No Points, No 
>Closing cost mortgage, and generated a brief thread. Anyway I'm 
>pleased to announce that I finally closed this past Thursday, 6 
>3/4%, 30 year fixed.

>The only charges were $30 for the bank to close out my old 
>mortgage, and $15 for someone to FEDEX papers to me.

>The broker even picked up a $200. appraiser's fee. And best of 
>all, I met with the lawyer in a Starbuck's and she paid for the 
>coffee.

Howard,

There is no free lunch or free coffee. The interest rate on your new loan
seems competitive, but I wonder how much higher your new loan was
than the old loan balance?  Any difference, other than interest, is the
costs of the new loan.  These cost were just added to the new loan.

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