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Lender credit
How does the lender credit work?
Mortgage lenders can give a lender's credit towards the home loan borrowers closing costs in lieu of a higher interest rate. For example, if par rate is at 4.25% for a mortgage borrower and he needs $3,000 towards closing costs, the rate may get increased to 4.5% to give the borrower a $3,000 lenders credit. If the mortgage borrower needs more of a lender credit like $5,000, maybe the mortgage rate may need to be increase to 4.75%.


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