What does "$0 lenders fees" mean? Is it a good deal?
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Video Description:
Have you come across any lenders who are offering VA loans with "$0 lender fees"? While it might sound like a great deal, there are some things you should consider first before just going with that lender.
For starters, not all closing costs associated with a VA loan are lender fees. There are actually three main types: lender fees (which typically gets charged as a 1% flat origination fee), the funding fee, and third-party fees. So, with a $0 lender fees loan, you'll still have to pay closing costs for the funding fee and allowable third-party fees.
In addition, even though you aren't paying lender fees, most lenders still have to make money somehow on the loan—they're a business after all. For most lenders, this means that they usually offer a slightly higher interest rate on the loan than what they'd give you if you were paying the 1% origination fee. Because this can lead to paying more interest over the life of the loan, we wanted to make sure you understand exactly what you're agreeing to.
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
