This article will answer the most common questions about buyers closing costs, including some ideas for minimizing paying closing costs upfront.
"Will There Always Be Closing Costs?"
Yes, there are always closing costs. Whether you're the buyer or the seller or even refinancing, you're going to have closing costs. If you're the buyer, your mortgage closing costs account for about 2%-5% of the purchase price. If you're the seller, about 6% of the sales price will go toward paying realtor fees.
"Can I Roll Closing Costs into the Loan?"
Typically, the only loan that allows you to include the closing costs into the mortgage is a USDA loan.
Home loans have a loan-to-value ratio (LTV ratios) that puts a cap on how much you can include…