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No Closing Cost Loans
Buyers are often stretching their budget when purchasing a home and the "no closing cost loans" are appealing, but remember the old adage, if it seems too good to be true...
There is very little humor in what is happening in the Real Estate Industry these days, but I have to admit I do get a chuckle out of the Ad’s that I hear on the radio from Internet Lenders.  Their Ad’s are usually about two topics, unrealistic interest rates and unrealistic Closing Costs. 
 
Lately the Ad’s that Internet Lenders seem to be flooding the air waves with, are the ones claiming to have NO CLOSING COST LOANS, or extremely low Closing Costs.  Being a Loan Officer, I know what makes up Closing Costs, and I know that there are Closing Cost that there is no way that a Lender can exclude, because they are Costs that are controlled by others.  Example:
 
Taxes:  Taxes are going to be collected by the town no matter who the Lender is. Homeowners Insurance:  Properties need to be insured for fire, theft, property damage, and personal injury.  Attorney Fees:  Connecticut is an Attorney State, meaning that an Attorney is going to do the ... more

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