Mortgage closing costs are in addition to any down payment monies you intend to bring into closing.
When you go through the mortgage process, there are people who are actually doing work to make sure that the mortgage is done correctly and in compliance with all legal laws and requirements. These people include loan processors, loan underwriters, appraisers, title companies, and insurance and tax premiums that need to be paid in the connection of your home purchase.
These closing costs can be paid in several different ways. The first way is to negotiate with a seller to give you a concession off of the sales price, to be used towards covering those closing costs. In competitive real estate markets, sometimes it’s just not possible to negotiate that with sellers. Another way those mortgage closing costs can be paid is by elevating the interest rate slightly. With a slightly higher interest rate, the lender can make a credit to offset some or all of those closing costs. And last but not least, a gift. Most loan programs will allow from a gift from family to cover those closing costs, which means that there’s that much less amount of money you would have to come in with out of pocket.
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