Can closing costs be rolled into your mortgage?

I know in NC when I bought my house we had the option to do this. We had a VA loan though.

In NY with a regular 30-year fixed rate mortgage can you roll your closing costs into your monthly mortgage or do you have to pay immediately?

Re: Can closing costs be rolled into your mortgage?

you can roll in up to 6% of your closing costs as long as you pay 11% down or more.

Re: Can closing costs be rolled into your mortgage?

yup.. you can totally do that.. I did that with my house here in NY

Re: Can closing costs be rolled into your mortgage?

we were told you can't do that any more. You can do it with refi but not with a purchase.

Re: Can closing costs be rolled into your mortgage?

As others have said, you can do it (it's called a seller's concession), but keep in mind that the house must appraise for price you are paying including the seller's concession. So you offer $318K, which is net $300K to the seller and a 6% seller's concession on top, the house must appraise for $318K, NOT $300K.

Re: Can closing costs be rolled into your mortgage?

We just did it in Nov with an FHA loan.

Re: Can closing costs be rolled into your mortgage?

You can do that-talk to your bank/mortgage officer. However, consider the fact that you will be paying interest on that amount for the next 30 yrs. If its a small enough no, you can consider borrowing on your credit cards or taking out a loan on 401K. I would run the numbers in the calculator on bankrate.com to figure out which way works for you. Good Luck!