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Is there such a thing as a no-cost or no-closing loan or refinancing?

Yes, some lenders or mortgage brokers may offer you a loan that is advertised as having no lender fees or no closing costs. 

There are two ways lenders can do this. One way is by charging you a higher interest rate to cover the cost of making the loan. The other way is by adding the closing costs to your loan amount. Both methods involve no cash to close the loan but result in a higher monthly payment.

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