"Is shopping for a no-cost mortgage a good strategy in today's market?" No-cost mortgages are relatively easy to shop because of their simplicity, and this is as true today as it was when I last visited the question in 2004. Greater simplicity increases the likelihood of finding a better deal or avoiding a worse one. Yet borrowers who expect to have their mortgage for a long time may be ill-served by a no-cost mortgage and would do well to consider an alternative strategy. What are no-cost mortgages? A no-cost mortgage is one on which the lender pays the borrower's settlement costs, including the mortgage broker's fee if there is one, with the following exceptions: Per diem interest, which is interest from the closing date to the first day of the following month;Escrows for taxes and insurance, which are borrower funds set aside to assure payment of the borrower's future obligations;Homeowners insurance;Owner's title insurance;Transfer taxes charged by governmental...
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