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Home / Blog / Closing Costs / Financing Closing Costs

Financing Closing Costs

November 27, 2021 By Mary Catchur

Home- closing costsWhether you are buying your first home or refinancing your current home, closing on a home can be overwhelming when considering all of the closing costs. Here are a few things to consider to help prepare you for closing.

Include Closing Cost When You Refinance

If you are refinancing your home, it is possible to include closing costs in the loan amount.

However, including closing costs when refinancing is possible only if it doesn’t impact your loan-to-value or debt-to-income ratio.

Keep in mind, that the higher the LTV, the higher the interest rate. For instance, if your loan amount, including closing costs and escrow, goes over 90% of the value of your home, then the interest rate for which you qualify will be higher than the one that you would qualify for with an LTV of 80%. In some cases you may not qualify for a higher LTV, depending upon credit scores, type of property, debt to income ratios, etc.

In summary, you may be able to reduce your out-of-pocket costs and finance them as part of the mortgage, but you should consult with a loan counselor. They can help you assess whether the larger payment amount and possibly higher interest rate are worthwhile for your particular situation. Depending on how long you’ve had your home and your mortgage, current interest rates may allow you to finance your closing costs, and even take out additional cash with a new monthly payment less than your existing payment. We can help you evaluate all of your options!

If you are purchasing a home you will not be able to include closing costs in the loan amount.  However, you should speak with your real estate agent about the possibility of negotiation with the seller to pay some or all of your closing costs.  Many mortgage programs will allow this and many sellers are willing to pay closing costs to facilitate the sale of their home.

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.

We specialize in mortgages for first-time homebuyers, conventional home mortgages, refinance loans, reverse mortgages, and FHA, VA, and USDA mortgage options. In addition, we’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application or contact us.

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Filed Under: Closing Costs

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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    Refinancing with Mary an absolute pleasure

     
    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
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