Are Housing Freebies Really Free?

Julie C. Nichols General

Trulia – Peter Burke

The housing market has been making positive strides over the last year, but with rising mortgage rates and higher prices, some are worried about maintaining the market. To attract new buyers, some home builders have started to offer cash incentives, upgrades and mortgage perks.

Don Frommeyer, housing market expert and president of the Association of Mortgage Professionals (NAMB), offers his insights with a cautionary tone for potential home buyers. “Monetary incentives and physical perks are very appealing to the customer. Who doesn’t want free appliances or part of their down payment covered?” says Frommeyer. “However, you have to make sure these costs aren’t being hidden elsewhere in the mortgage contract.”

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