Closing costs - depends on the offer. It is about 1% of the purchase price and includes various state and federal registration, mortgage, title, and other fees, attorney's fees, pre-paid items (like taxes or condo fees, water/sewer, etc), and other miscellaneous costs of completing the transaction.
Typically, the buyer pays these. However, in the last few months I see more and more transactions where the initial offer asks for the seller to contribute so that the buyer can put more of that cash into down payment instead.
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you need to speak with your lender. I would guess it depends on the loan to value ratio. If after completion the appraised value in todays market will be greater than 80% of the borrowed amount, you can probably refinance. But they are the ones who can best answer trhis question. Good Luck!... more