No closing cost mortgages

No closing cost mortgages and people are smart.

I see and read about these so called "no closing costs" mortgages and the commercials about how "people are smart". I don't understand how these companies can feel good about themselves with how they treat clients. In my opinion, the companies that offer the no closing costs mortgages are just ripping people off every month by charging a much higher interest rate. The companies that tout, "people are smart" commercials are the very same companies that put clients into the worst loans ever created.

Let's talk about "no closing costs". Who believes that a mortgage company is going to give away a mortgage for absolutely no cost? Who??? I certainly don't. The mortgage company is in business for the very same reason as every other company, to make money. How does a mortgage company make money, one way is by charging interest on the money the lend. Obviously, the higher the interest rate, the higher the profit.

Let's talk about the commercials that say, "people are smart". I can't get over the fact that this company is the very same company that offered the worst mortgages ever created. This company advertised extensively about getting a rate that began with 1%, did they really disclose the fact that the mortgage was having interest added on to it monthly? I do not think so. I am sure it was in the very fine print for legal purposes but did the "order takers" that answered the phone at the mortgage company make it known verbally? I doubt it!

Basically, there is no free lunch. In my opinion, you are best off by contacting an Upfront Mortgage Broker. An upfront mortgage broker will look out for your best interest and show you the wholesale and retail rates. Visit www.upfrontmortgagebrokers.org or if you are in Florida, visit www.joebartolotta.com for more information on the UMBA.