Posted on: 06th Dec, 2011 05:06 am
When purchasing a home at X amt, is the the closing cost rolled into that as your mortgage - meaning i am paying on that for 30 yrs.?
If you are purchasing a home, then no, the costs are not included in the loan. You are purchasing say a 100k home, and putting 20% down, or 20k...So your new loan will be 80k...All the fees to originate, process, pay taxes, insurance, title and escrow will all come out of your pocket or from a gift, from the seller credit or from the lender credit or a combination of some or all of these sources. Good luck.
Also, If you are refinancing, then you have the choice to bring in funds to close the transaction, of have the fees and costs rolled into the loan, then you are paying those items over the life of the loan.