No Cost Loan
no cost loanthere are many variations of a no cost loan. Generally, it is a loan that does not charge for items such as title insurance, escrow fees, settlement fees, appraisal, recording fees or notary fees. It may also offer no points. This lessens the need for upfront cash during the buying process however no cost loans have a higher interest rate.
Source: U.S. Department of Housing and Urban Development
Related Terms from the Property Rights and Real Estate Law Glossary