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doggielover
LIF Toddler
Member since 9/05 391 total posts
Name:
Stacey
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Is this possible?
Is it possible to roll your closing costs into the mortage and get a 40yr. term?
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Posted 10/31/05 12:15 PM  |
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Prudential Douglas Elliman Real Estate
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Is this possible?
its very possible to roll closing costs into the mortgage (generally considered a sellers concession) - I don't know about the 40yr term. I'm sure some banks offer them.
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| Posted 10/31/05 1:25 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Is this possible?
Posted by doggielover
Is it possible to roll your closing costs into the mortage and get a 40yr. term?
yes but i have never heard of a 40 yr mo
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| Posted 10/31/05 2:21 PM |
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wilandnet
LIF Infant
Member since 9/05 224 total posts
Name:
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Re: Is this possible?
I know that it is generally possible, just not 100% if you can do it with a 40yr mortgage specifically. I haver heard of 40 yr mortgages though, not very common, but they are offered many places.
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| Posted 10/31/05 2:49 PM |
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doggielover
LIF Toddler
Member since 9/05 391 total posts
Name:
Stacey
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Re: Is this possible?
Thanks ladies..
I also keep hearing terms like "buyers consessions". If you are preapproved for a mortgage, what difference does it make to them if you roll closing costs into your mortgage or if you don't put down the full 20%? They will still get the $ for the house, right??
I'm sorry if I sound dumb, but I am very new to this home buying world! I've been an NYC apt. renter for the last 8 years!!!
thanks! 
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| Posted 10/31/05 3:23 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Is this possible?
DH is a bank manager and he says that while you can do a 40 year term, it won't lower your payment much, because the interest rate is higher than on a 30 year.
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| Posted 10/31/05 3:59 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: Is this possible?
We had a sellers concession...where they essentially raised the price of the house to cover the closing cost. Meaning, we bought the house for 299,000 but they sold us the house for 309,000 and 10,000 went towards the closing costs.
I don't think you can do that and get a 40 year mortgage, I believe you have to put down 20% to get the 40 year.
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| Posted 10/31/05 8:09 PM |
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kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: Is this possible?
You can roll your closing costs into your mortgage but know that you are paying interest on that $$. It can add up to alot over the term!
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| Posted 11/2/05 11:37 AM |
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raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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Re: Is this possible?
we looked into getting a 40 yr mortgage and it really didn't lower the payments by all that much. It just didn't seem worth it- the interest rate was higher, and it was an additional 10 years of payments...and i think it was about $150 cheaper per month 
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| Posted 11/2/05 12:03 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Is this possible?
Posted by doggielover
Thanks ladies..
I also keep hearing terms like "buyers consessions". If you are preapproved for a mortgage, what difference does it make to them if you roll closing costs into your mortgage or if you don't put down the full 20%? They will still get the $ for the house, right??
I'm sorry if I sound dumb, but I am very new to this home buying world! I've been an NYC apt. renter for the last 8 years!!!
thanks!
You can do a "seller's conssesion" if you are purchasing where you will get back only what you put down as a down payment.
You can roll closing costs into your mortgage...but watch out for that because some places can put hidden fees into the mortgage. Get yourself an awesome real estate lawyer whose business is more that 75% Real Estate if they practice all kinds of law. They will find any hidden fees the the mortgage company may charge for doing things this way. The seller's conssesion is done usually if the house needs work and the sellers don't want to fix it. I hope this helps.
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| Posted 11/2/05 4:16 PM |
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