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Can you put closing cost into your mortgage?

I am new to this home buying thing. We found the PERFECT home and can put a down but i am not sure if we can afford the closing cost up front so is it possible to add the closing cost to the mortgage?

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Sunshine4u300

Asked by Sunshine4u300 at 6:23 PM on Apr. 6, 2009 in Money & Work

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Answers (5)
  • Yes, it's possible. I did it. Check with your bank.
    CookieMom108

    Answer by CookieMom108 at 6:50 PM on Apr. 6, 2009

  • What I meant was check with the mortgage company and/or bank. I had my mortgage through my bank, some people don't and get a mortgage elsewhere. Sorry, not trying to confuse you.
    CookieMom108

    Answer by CookieMom108 at 6:58 PM on Apr. 6, 2009

  • It depends on the seller if the seller and his realestate guy is willing to put that into the terms of the sale. Its really common right now since sellers are trying so hard to sell their house they are willing to include that in the sale.
    aameliaz

    Answer by aameliaz at 8:14 PM on Apr. 6, 2009

  • Yes it is possible! Just remember that you'll be paying interest on those closing costs for a long long time!
    Erica_Smerica

    Answer by Erica_Smerica at 9:34 PM on Apr. 6, 2009

  • Its not so much putting it in with your mortgage...heres how you can do it (i am doing it right now) first i would ask the seller to help with them, then after the amount they might help the rest would raise the price of the house and they help more...like this... the house is 100K you need 7K in closing, the seller will help with 4K, then let them raise the price of the house to 103K and ask them to pay all 7K because they are getting the other 3K because you raised the price you were giving them. Do you follow? but you have to check your state because each one is diff on how much a seller can help. Like in Pa it is on allowed to be 6%, so if closing is over the 6% you have to come up with the difference. If you have any questions feel free to ask i will try my best to answer!
    babymaddy

    Answer by babymaddy at 10:52 PM on Apr. 6, 2009

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