A no money down mortgage can help you buy a home with little out of pocket expense. ...No money down can mean either no down payment or no closing costs paid up front. In either case, your rates and fees will be higher. Moreover, asking your lender whether a rate if fixed or adjustable is important when you're on the look out for the best mortgage rate. Remember that adjustable rates, despite their low interest rates, might not have the best mortgage rates. Adjustable rate mortgages only have low interest rates in their first year, after which, rates either tend to go up or go down.
