okay we do not have a set closing date yet.... but our contract says on or about april 15th? is it too late to decide we want to put our closing costs into our mortgage so we free up some cash for repairs and such. and Is this a spupid move? I know wew ill be paying more in long run with interest however we are scraping thebucket with buying this house, we do have money in the bank still and we after closing too, but i dont want to use any of that, Is it stupid to think like that? does averyone empty their bank account buying a house? i'd rather pay $50/month more on my mortgage and know we have cash to fix it up alittle bit? like new carpet, new tile, it def needs a new roof?
I don't think it's too late to do it if you want to- it sounds fine- the only thing is if you add it to your mortgage, in the long run you will be paying more with the interest. I know that it's hard feeling though to empty your account!!
i don't have much advice in re: to chaging the mortgage, sorry. wanted to let you know that both parties have 30 days from the closing date stated on the contract. our contract also reads on or about april 15th. however, we KNOW that we aren't closing until may 12 or 13th. the seller has the moving company scheduled for 5/15.
They will not easily put the closing costs into the mortgage. They will want to raise your interest rate if you do that and you will probably have to re-submit the entire mortgage application to do that.
We paid the closing costs up front. If you are worried, I would probably roll it into the mortgage. Honestly, the house is the cheapest part of buying the house. There are so many expenses in terms of getting the house in the condition you want it (painting, floors, furniture, etc). And with our house, it was in really good condition. So if the house needs work, you are going to want cash to spend on it.
They will not easily put the closing costs into the mortgage. They will want to raise your interest rate if you do that and you will probably have to re-submit the entire mortgage application to do that.
Not recommended.
'Hey Mr. Dj' ...(sorry couldn't resist)
But I got a question for you: How do you know so much about mortgages and stuff?? just curious
They will not easily put the closing costs into the mortgage. They will want to raise your interest rate if you do that and you will probably have to re-submit the entire mortgage application to do that.
Not recommended.
'Hey Mr. Dj' ...(sorry couldn't resist)
But I got a question for you: How do you know so much about mortgages and stuff?? just curious
I KNOW....i just sent him a FM asking for mortgage advice.
