![]() While those lenders usually have some general knowledge of the regional differences they can’t be intimately versed on every area of the country. ![]() One of the biggest drawbacks to utilizing an out of state or web-based lender is their lack of familiarity with local practices and charges. A competent lender should be very familiar with those charges a borrower should expect to encounter at closing. These charges, while quoted by the lender, are not all assessed or determined by the lender. Closing costs are those charges assessed by the lender, title company, municipality, or real estate company when the loan is "completed", in order to pay for the services needed to close the loan.
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