"Can I finace my closing costs?"

Why not? Well not so easy any more. Below are a few facts and tips on this topic. make sure you work closely with a mortgage broker and get this down as soon as possible. Closing costs

Can I do this on....New Developments, SURE! Older Condos Why Not?, Well as long as its a seller's concession. Estate Sales? Hmmm can get tricky...and Coops- Just pay it up front!

Rolling the closing costs into the loan amount on your refinancing isn't a bad thing -- as long as that is your intention. Mortgage lenders that advertise no closing costs really mean no cash paid by the homeowner at closing, other than money from the proceeds of the loan.

If you don't plan on staying in the house very long, then you really need to consider these costs when you decide whether refinancing makes sense. If you add $3,000 in closing costs to a loan balance of $100,000 and your monthly payment goes down by $50 a month, you need to stay in the house for about five years to recoup your closing costs.

As you'd expect, and shown in the example below, the monthly payment is higher when you finance the closing costs. So it will take you that much longer to recoup the closing costs. The other side of the coin is that you didn't have to come up with the $3,000 at closing. Assuming you have the money to pay closing costs, the $3,000 can stay invested earning you a return. Include the income from that investment in the analysis, and the difference in payback between the two approaches lessens.

Check out the FHA Library. Full Smart Money Article: http://www.smartmoney.com/home/buying/?story=closing
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