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#1
08-07-2006, 08:58 PM
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 Re: Roll Closing Costs into your loan dbutcherd[at]gmail.com wrote: - quote - > Is it true that you can not roll any closing costs are points into your
No, there is no law stating that you can't roll closing costs in to> new purchase mortgage? your mortgage. However, your lender may have rules regarding this. Your lender also has rules about what percentage of the value of the home you may finance. That percentage includes any funds you borrow to pay for closing costs. That being said, there are some fancy ways to get around that, including taking on a 2nd mortgage. Also, since you specifically asked about points... If you borrow money to pay points, you may only deduct them ratably (over the life of the loan). In contrast, if you pay the points with unborrowed money, you may deduct them in the year in which they're paid, which is a much better deal. See IRS Pub 936 for details. --Bill |
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08-07-2006, 08:56 PM
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| Re: Roll Closing Costs into your loan dbutcherd[at]gmail.com wrote: - quote - > Is it true that you can not roll any closing costs are points into your
You can, if the lender allows it. Where did you hear otherwise?> new purchase mortgage? > Thanks, > Dave JOE |
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#-1
08-07-2006, 08:03 PM
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| Roll Closing Costs into your loan Is it true that you can not roll any closing costs are points into your new purchase mortgage? Thanks, Dave |
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| closing, costs, loan, roll |
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