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Refi question - closing costs
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Refi question - closing costs
We did a seller's concession when we bought our home. Is it ever possible to do this with a refi?
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Posted 9/15/10 11:40 AM  |
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Prudential Douglas Elliman Real Estate
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Refi question - closing costs
Yes.
it wouldn't be considered a 'sellers concession', but you can roll the closing costs into the loan (assuming your loan to value ratio allows it).
It may/may not be wise to do so. If you're refi-ing with your current lender you can usually bypass the mortgage tax (saving you $$). But it you're changing the amount of your loan (by adding in closing costs), I think you're again subject to the tax because its now considered a new loan.
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| Posted 9/15/10 12:03 PM |
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cutie
LIF Adult
Member since 2/06 1893 total posts
Name:
Janine
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Re: Refi question - closing costs
Posted by -Lisa-
Yes.
it wouldn't be considered a 'sellers concession', but you can roll the closing costs into the loan (assuming your loan to value ratio allows it).
It may/may not be wise to do so. If you're refi-ing with your current lender you can usually bypass the mortgage tax (saving you $$). But it you're changing the amount of your loan (by adding in closing costs), I think you're again subject to the tax because its now considered a new loan.
We are in the process of doing a re-fi with a new bank. According to the mortgage consultant that I spoke with at the new bank, if the old bank is willing to assign the mortgage (it is totally up to the old bank) then it is not a new loan, even if you are financing the closing costs - there is no cash-out.
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| Posted 9/15/10 2:10 PM |
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sleepie76
enjoying every minute
Member since 12/07 3881 total posts
Name:
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Re: Refi question - closing costs
Posted by cutie
Posted by -Lisa-
Yes.
it wouldn't be considered a 'sellers concession', but you can roll the closing costs into the loan (assuming your loan to value ratio allows it).
It may/may not be wise to do so. If you're refi-ing with your current lender you can usually bypass the mortgage tax (saving you $$). But it you're changing the amount of your loan (by adding in closing costs), I think you're again subject to the tax because its now considered a new loan.
We are in the process of doing a re-fi with a new bank. According to the mortgage consultant that I spoke with at the new bank, if the old bank is willing to assign the mortgage (it is totally up to the old bank) then it is not a new loan, even if you are financing the closing costs - there is no cash-out.
agreed.
Chase reassigned my loan which was an $1,100 fee.
so I paid that and only tax on the difference in the loan amt( cash taken out + closing costs).
SO I paid tax on $30,000 instead of $360,000 
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| Posted 9/16/10 12:02 PM |
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