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Rolling Your Closing Costs Into Your Financing

realestate closing cost Closing costs are a considerable expense when you’re buying a house. You can pay these costs upfront or include them in your mortgage.

Mortgaging your closing costs can be done in a number of ways, including the following:
•Having the seller help out. This is known as a “seller credit” and involves having a percentage of the selling price go toward the closing costs. This means that the seller doesn’t get as much money for the home, since roughly 2.5 percent or so of the price will cover the closing costs.
•Getting a bigger loan. This method involves paying a portion of the closing costs and having the rest covered in the loan amount.
•Paying a higher purchase price. You can include the closing costs in the home loan by offering to pay a higher sales price. This price would cover the closing costs, and the seller wouldn’t have to give up any money like they would with a seller credit.
•Paying a higher interest rate. With this method, you pay a higher interest rate while the lender helps out with the closing costs. Lenders can sometimes take as much as $4,000 off the closing costs, but keep in mind that you might end up paying more money in the long run with the higher interest rate.

There are advantages and disadvantages to mortgaging your closing costs. The best way to decide whether you should do this or pay the costs upfront is to discuss the issue with your real estate agent. If you’re having a hard time coming up with the closing cost money upfront, your agent can help you determine how to cover these costs.

Are you ready to talk to an experienced real estate agent about closing costs? Call or text me at 918-313-0408 I’ll show you the way home!

Posted on August 15, 2014 at 10:15 pm by John Cantero (918) 313-0408

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