I am trying to buy a house.
2007-04-04 09:03:03 · 8 answers · asked by teacher77071 1 in Business & Finance ➔ Renting & Real Estate
Sorry, unless you are getting a special loan that has the costs included as a part of the loan, you have to pay all closing costs when you sign papers. That is why they call them closing costs.
If you and the property qualify for an FMHA loan, you can roll the closing costs into the loan.
Feel free to email me with further questions.
2007-04-04 09:09:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Closing costs are paid at closing. That's why they're called "closing costs". Well, one of the reasons, anyway. You could go with option 3: seller concessions. That's when the seller agrees to pay a fixed amount, or a percentage of the purchase price, toward closing costs. It's pretty easy to get this concession in this market, as it favors the buyer.
2007-04-04 09:08:28 · answer #2 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
Many lenders will allow you to finance your closing costs, assuming of course the seller agrees and the house appraises for the additional value. If you're in the market to buy a home I'd recommend going to mortgage.freereportforyou.com. There are 22 free reports that will teach you everything you need to know about buying, selling or refinancing a home.
2007-04-04 09:07:38 · answer #3 · answered by Brian D 2 · 0⤊ 0⤋
Paying off the installments will not increase your score that much. It is the negatives that are dragging you down. You do not qualify for a mortgage until those scores increase, about this time next year. Start saving for a down payment. You need down payment and another 6k for closing costs. Ideal if you have at least 30k in savings plus you need your emergency savings of 8 month living expenses. It is not your gross salary that counts but your take home pay.
2016-05-17 06:32:26 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Closing costs generally have to be paid at the time of closing but can be included in the mortgage or paid by the seller.
2007-04-04 09:07:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I went with the "seller's concession" route. We paid a percentage of the closing costs and had the rest rolled into our mortgage payment.
2007-04-04 09:13:18 · answer #6 · answered by dm_76 2 · 0⤊ 0⤋
All closing costs must be paid at closing.
2007-04-04 09:07:51 · answer #7 · answered by ed 7 · 0⤊ 0⤋
You have to pay at once. Or, you can ask the Seller to pay some/all of your closing costs.
Good luck!
2007-04-04 09:07:16 · answer #8 · answered by Art 4 · 1⤊ 0⤋