Can I round my loan request up to be safe on closing costs?
I need to borrow approximately $15,000 to $17,000 for closing, etc. Am I able to round up the loan request to say $20,000 to be safe and put back any extra right away or will TSP think if I only end up needing $16,500, I can't borrow $20,000 and turn down the loan. How exact do you have to be when requesting on a home loan? by lisa43_906_183 from Mineola, New York. May 14th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Your question is very confusing.. For most loan products, you cannot "Borrow" for closing costs or down payment... unless your refinancing.. but, again, your question is too confusing... if your working with a loan officer, you should probably ask him / her... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Christopher Ohlsen (OhlsenRealty)
#68 ranked lender in New York - 1 contribution
I am a real estate agent but a former mortgage originator. Most often you cannot borrow for closing costs; funds typically need to be seasoned and sourced... Then again, is this a refinance? Because in that case this would make some sense. If you are trying to borrow against your current home, with say a line of credit, home equity, or cash out refinance. A line of credit would probably be your best bet if that is the situation because if you have an LoC for 20k, but only use lets say 16k, you would still have 4k available on your LoC and no obligation to use it. Are you trying to get a personal loan for closing costs on a purchase? Some clarification here would definitely help.Christopher Ohlsenhtpp://northcountryrealtor.com518-481-3663
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