Are closing costs normally included in the amount of money lended for a mortgage loan?

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  1. Reply
    Ryan M
    May 1, 2011 at 1:47 am

    Not normally, but they CAN be. Closing costs are “normally’ paid by cash at the time of closing. Another option is having the seller pay for them as part of the price negotiation.

  2. Reply
    May 1, 2011 at 2:19 am

    no they are not. In this market many sellers will pay these fees and if they do not then the buyer is responsible for them

  3. Reply
    May 1, 2011 at 2:21 am

    quickly ask for them to be.
    it should have been listed in the purchase contract; seller will pay………all cc

  4. Reply
    David Z
    May 1, 2011 at 2:48 am

    They may not be rolled into loan in traditional way. but here is how you can do it by asking seller to pay them. Lets say you and seller have agreed to $ 200,000 purchase price and your closing costs will be $ 5,000.

    You write purchase agreement at $ 205,000 and have seller pay $ 5,000 towards prepaids and closing. To the seller it is a $ 200,000 offer. but to you and your lender it makes big difference. That is $ 5,000 you do not have to bring to closing.

    Only criteria is home has to appraise for $ 205,000.

  5. Reply
    May 1, 2011 at 3:30 am

    No, they are not, and they can’t be if it takes the amount of the loan over the value of the property.

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