When applying for a 30 year fixed rate mortgage can you have your closing costs included in the loan?
Written By: admin on November 28, 2009
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Do you have to pay closing costs at the time of close or can you have it included in your home loan?
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Tags: closing costs, fixed rates mortgage, home loanTags: closing costs, home loan
That used to be pretty common when housing prices were going up. Lenders figured that, with pricing going up so quick, the house would soon be worth the amount of the mortgage plus the closing costs.
These days, lenders won’t agree to do that, because housing prices are still falling. In fact, they sometimes don’t give you the full appraisal value when determining the loan amount these days, assuming that prices may still continue to fall.