If you're wondering what to do about closing costs when buying a home, there are a few options. First of all, you can ask the seller to pay for some or all of the closing costs. This is called a seller concession. Alternatively, you could try negotiating with the lender to have the closing costs rolled into your loan amount. If you're taking out a mortgage, this means that you'll end up paying interest on the closing costs over the life of the loan. You could also look into grants or loans from state or local housing programs. These usually have income restrictions, so make sure you check to see if you qualify. There are also some lenders who offer no-closing cost loans, though these typically have higher interest rates. Ultimately, it's important to talk to your lender and real estate agent to figure out what option makes the most sense for you.
Assuming you are unable to pay the costs of closing, there are still options for you. Many lenders will allow you to roll the closing costs into your mortgage, which means you will end up paying interest on them over the life of your mortgage. Alternatively, you could ask the seller to pay your closing costs for you. This is a more common practice in a seller's market, where there is more competition among buyers and sellers are more likely to negotiate. Keep in mind that if the seller agrees to pay your closing costs, they will likely increase the asking price of the home to cover their expense.
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