How much money should I save up for closing costs?

Like with all home loans, every VA loan comes with closing costs—it doesn't matter if you're getting a purchase, cash-out, or IRRRL. You should know what these closing costs are and how much money you should save up so you're prepared to pay them when your loan closes.

For starters, all VA loans have allowable and non-allowable fees. These non-allowable fees, in particular, means that there are limits to what lenders can charge you at closing. But, in general, you should still plan on saving up at least 3–5% of your loan amount in order to pay for your closing costs. If you want a more exact amount, you'll need to get a loan estimate from your lender.

Now, what if you don't want to delay getting a VA loan while you work on saving 3–5%? Well, you might be able to roll in one or more of your closing costs into the loan amount, which would allow you to pay them off over time. Just be aware that you'll end up paying interest on whatever costs you roll in.

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This video is not intended for residents or homeowners in the states of WA, NY or MA.

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Видео How much money should I save up for closing costs? канала Low VA Rates