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Financing in Riverside : Real Estate Advice

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Thu Oct 27, 2011
If you are going to turn around and sell it, it would not pay if you have any closing costs. For example, let's say you lower your payment by $200 a month but paid $2000 to get the loan. Then sold the home in one month, You would have just lost $1800. If you get a no closing cost loan you do not have that problem, but the lender would lose the $1800 because they paid those closing costs hoping to get a higher rate.

That is why the fact that you have had the property on the market will be a problem, but many lenders will do it if you take it off the market and sign a letter saying you intend to stay in the property. See if the lender is still paying those closing costs in return for a higher rate if you do a no closing cost loan.
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