The Pros And Cons Of A No Closing Cost Mortgage
![Banker discussing mortgage options](/uploads/5/5/8/5/55851187/editor/no-closing-cost-mortgage-loan-staunton-va.jpg?1539807229)
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.