It’s a mis-stated marketing message related to home mortgages. Is that a nice way to put it (mis-stated)? The reality is that it does not exist. All mortgages have costs, the question is “are you going to pay for the costs up front and get a better interest rate, or roll the fees into the loan and pay a higher rate?” In the end, the bank will always get their money. Whether or not you roll in the fees depends on your personal situation, and mostly how long you plan on living in the property.
Here is an article that gives several options as it relates to no cost mortgages.
