Many lenders will offer a loan with no bank fees at closing in lieu of a traditional mortgage. Loans with no bank fees at closing are generally priced at a higher interest rate than a traditional mortgage. The higher rate allows the lender to make enough money on the interest rate spread from the underwriter to pay for all your closing costs and provide them with their profit. Use this calculator to help determine if a home equity loan with no bank fees at closing with your lender is better than a traditional mortgage.
These calculators are for information, education, and entertainment purposes only. It is your responsibility to evaluate the merits and risks associated with relying on any information provided.
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