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They can not be utilized as part of the deposit on the loan. Any loans which are promoted as having "no closing expenses" normally have unfavorable points embedded in them where the cost of originating the loan is paid through a higher interest rate on the loan. This fee needs to be divulged on your Loan Quote (LE) and Closing Disclosure (CD). When you get negative points the bank is betting you are most likely to pay the higher rate of interest for a prolonged time period. If you pay…