Definitions for "No-Cost Loan"
Offered by most lenders, the loan that has no cost or no points, but generally the interest rate of these loans are a bit higher.
a loan where the the lender pays all of the closing costs, and does not collect any fees from you
A loan that covers purchases or refinancing costs, in whole or in part, which may be incurred in buying a home, obtaining and/or refinancing a loan, but are not directly charged by the lender. The interest rate on this type of loan is higher to offset the elimination or reduction of costs..