Quote:
Originally Posted by Hugh R
Besides cashcall, New American Funding 1-888-876-RATE is offering me a new loan for my vacation condo with no fees on their side, but a slightly higher rate of 4.0% versus my CU which is offering 3.875% but wants about $1,200 in loan fees.
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There's no such thing as a truly no-fee loan. That's why they can offer you a lower rate with fees or a higher one without. Depending on how long you keep the loan, you'll pay more in the higher rate than upfront fees if you pay out of pocket at closing. They can sell it for more on the secondary market when it's a higher rate.