Posted on: 23rd Mar, 2010 05:21 am
i'm buying a home from my fiance, he lost his job and needs to consolidate and can't refinance because the home was on the market less than 6 months ago. so, i'm going to purchase the house for the same amount that he was going to refinance for......giving him enough to pay off his bills, and my interest rate is lower then his refinance rate, so that works out. in this situation, we will both use the same attorney, are the attornye costs usually included in the closing costs?
i'm not quite certain what you're driving at. is it that you'll be borrowing enough to cover all the closing costs? if that's the case, your lender will, as a matter of course, incorporate legal fees into the closing costs. review your good faith estimate for this, and you'll undoubtedly find that they're on there.
however, if you're doing this as a purchase transaction, payment of closing costs will need to be done in one of two ways: 1) you pay them all yourself as the purchaser; or 2) your fiance pays them as a seller concession to you. presumably, you have a down payment as well...right?
however, if you're doing this as a purchase transaction, payment of closing costs will need to be done in one of two ways: 1) you pay them all yourself as the purchaser; or 2) your fiance pays them as a seller concession to you. presumably, you have a down payment as well...right?
it's a RA loan, they don't require a down payment. we will be using his equity in the home to cover the closing costs.
okay...gotcha...thanks for the update.