The Pros And Cons Of A No Closing Cost Mortgage
What happens when you have the money for the down payment to buy a home but not for closing the sale? That's a problem!
Closing costs are fees associated with getting a mortgage loan. And those fees can add up, anywhere between 2%-5% of the loan.
If you can't pay closing costs, does that mean you can't buy a house? Not necessarily.
Sometimes the seller will pay part or all of the closing costs. But don't count on that! It's the exception to the rule. Actually, there's a more common way to solve the problem of paying for closing costs.