The article discusses the option of rolling closing costs into a mortgage, providing a dual perspective. Although this approach can reduce the upfront cash required at closing, it results in higher monthly payments and increased overall interest over the loan's life. Closing costs, which can be 2% to 5% of the home purchase price, encompass various fees including recording and attorney fees. Understanding what costs are eligible to be included in the mortgage is essential, and it's advisable to consult with lenders for specific rules and details.
Rolling closing costs into your mortgage reduces upfront cash but increases monthly payments and overall interest paid over the loan's lifetime.
Closing costs, often ranging from 2% to 5% of the purchase price, can significantly impact how much you need to pay upfront at closing.
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