Forgotten Your Password?

Need to Register?

Question Icon

is it possible to combiene closing costs in with my mortgage principal?

i do have funds for closing but want to put down as much as possible to get my rate down, so if this option is there with any loan program id like to know. i have good credit as well it is above 720 by dan_ritter78642957 from St. Cloud, Minnesota. Dec 3rd 2014 Reply


Closing costs can be paid three ways. Cashn rolled into the loan, or rolled into a higher interest rate. The most common is in the loan, which is also known as seller paid closing costs. Lending in MN, WIn and SD - www.MortgagesUnlimited.biz

Dec 3rd 2014
3
0
Sherri Sherpy (SherriSherpy)
#9 ranked lender in Minnesota - 9 contributions

Dan, it is extremely common place in MN to obtain 3% seller paid closing costs on a home purchase. This in fact, is doing exactly what you want....rolling your closing costs into the transaction.The down payment amount is pretty negligible in the way that it affects interest rates. In fact, it may make even more sense to make that smaller down payment and invest the rest of your funds in a higher return investment "vehicle". Another thing to think about... Credit scores are a bigger, driving factor. For example, a borrower with a 760 credit score with 5% down payment will get a better rate that a borrower with a 720 credit score and 10% down. Is there anything in your credit profile that with a change or two could drive up your scores? Sherri SherpyThe MN Mortgage Mom612-363-1106www.TheMNMortgageMom.com

Dec 3rd 2014
3
0

Yes I have a program that pays most of all of your closing costs and down payment. Call me

Dec 3rd 2014
3
0
Kurt Stanaitis (TwinCity)
#12 ranked lender in Minnesota - 8 contributions

Yes, Please call me and we can figure out the details.

Dec 4th 2014
2
0
Nik Green (NikGreen)
#65 ranked lender in Minnesota - 6 contributions

Dan,Yes! Everyone on here is correct! However, Sherri Sherpy gave you the best information. You always want to look on how it will benefit you long and short term!If you have any questions feel free to reach out. Good luck!Nik Green 612 222 5171www.loansbynikgreen.com

Dec 4th 2014
1
0
Wendy Nelson (WendyNelson)
#60 ranked lender in Minnesota - 14 contributions

You have few options. You can ask the seller to pay the closing costs, or you can pay a higher rate and less closing costs (lender paid closing costs). Ultimately the lower rate will benefit you more over time if you plan on staying in the home a long time. There are several loan options with different down payment requirements. We also offer First Time Homebuyer programs with down payment assistance. Feel free to contact me for details.. 651-762-3572. wnelson@lakeareamtg.com

Dec 4th 2014
0
0
Subscribe to our news feed.