What does a “no closing cost” loan mean?

There are several approaches to "no closing fee" refinances. You can raise your loan amount to incorporate your fees, eliminating the need to write a check for the charges at closing. Of course, this raises the amount of your current mortgage debt required to cover those fees. Lenders may sometimes provide a higher interest rate to cover closing fees. The higher the loan rate, the greater the lender's profit, which they utilize as a lender credit to cover your closing costs. This lowers your initial cost, but you pay more over the term of the loan.

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