Presidential Fact And Mortgage Closing Cost Tip…

In honor of President’s Day here’s a little known presidential fact…

Did you know Lincoln had a premonition he would be killed?

It’s true! …Not long before he was assassinated, Lincoln spoke of a dream where he heard someone weeping in the White House. When he found the room it was coming from, he asked who had died. He was told it was the president. He approached the coffin to peer in and saw his own face.

Mortgage Tip:

People ask me all the time if they can roll in their closing costs when they buy a house.

The short answer… No.

You can do it with no problem on a refinance, but not a purchase loan.

…but there is an indirect way to do it on a purchase loan.

The best way to roll closing costs into your purchase – is to ask the sellers to pay your closing costs. …the way you do this is to make it part of your contract offer.

…they will either say “yes” or “no” to your request for them to pay closing costs. …so, right here you have a 50/50 shot at it.

If they say “no” – it’s still not over. …you can just offer to add the closing costs to the price of the home (as long as it will appraise) – and then ask the sellers to pay them. …they will usually say “yes” to this.

That’s it for today!