Where the beef, I mean the fees?
Where’s the beef fees? A play on an old Wendy’s advertisment to open an article on the no fee loan.
There is such a thing as a no fee loan, but it is going to cost you a higher rate. That isn’t necessarily a bad thing. The fees are flexible in that the rebate can pay some or all of them. As you meet with your lender, always ask them for more than one option. It might be best to come up with a little money rather than paying the rate of a no fee loan. I saw a situation last week that had a small amount of fees. It was a loan that would only be in place for a few months. If possible, this borrower should pay a higher rate for no fees. it is a special product and may not give enough rebate to cover all of the costs, but they should ask. Larry Cragun
