question- if you choose to put your closing costs in your mortgage,

raken40 Posted: May 24, 2005 07:36 AM

question- if you choose to put your closing costs in your mortgage,

is it broken up throughout the 30 yrs, or do u have to pay it all the first year? Is there a fee for this?

myasmom Posted: May 24, 2005 08:21 AM

Re: question- if you choose to put your closing costs in your mortgage,

From what I understand it is paid over the 30 years.

nov2004bride Posted: May 24, 2005 02:15 PM

Re: question- if you choose to put your closing costs in your mortgage,

Posted by raken40

is it broken up throughout the 30 yrs, or do u have to pay it all the first year? Is there a fee for this?

Our Financial Advisor told us not to do this because you have to pay interest on top of the closing costs. It ends up costing more money.

KimberlyBride Posted: May 24, 2005 02:34 PM

Re: question- if you choose to put your closing costs in your mortgage,

It is spread out over the life of the loan.

MrsSchultz Posted: May 24, 2005 06:08 PM

Re: question- if you choose to put your closing costs in your mortgage,

you have FM

myasmom Posted: May 25, 2005 10:39 AM

Re: question- if you choose to put your closing costs in your mortgage,

Posted by nov2004bride

Posted by raken40

is it broken up throughout the 30 yrs, or do u have to pay it all the first year? Is there a fee for this?

Our Financial Advisor told us not to do this because you have to pay interest on top of the closing costs. It ends up costing more money.

We did and the money we saved was worth it becasue we were able to pay off our bills. You can refinance for a lower rate and actually have $$ left in thebank after closing.