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Yes you can. Just tell the mortgage company that you want the closing costs to be included in the loan amount. It's usually the standard.
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When you refinance your home with cash out, you should have the equity in your home to be able to include the closing costs in the loan. If you are refinancing soon, you should know never to go above 80% loan to value (amount of the loan divided by the appraised value.) If you go above 80%, you usually are forced to pay the lender PMI (private mortgage insurance) and your rate is higher than normal. My name is Erica and my email is darvilleerica@yahoo.com and I'm a Mortgage Broker in VA.
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Yes, you do have this option. Just let your Loan Officer know that way when he prints out the GFE for you to sign you can see all of the fees and the difference it will make to your loan. The best thing to do is to have your closing costs subtracted from your cash out, that way you don't pay interest on things like title fees, and such. Your closing costs probably won't be that much either. Have your loan officer show you the difference between both options.
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Depending on loan amount and your personal qualifications by way of credit/income/property you may not need to pay any closing costs. I know when I was doing residential loans, I wouldn't charge closing costs for doing loans over 300k. Remember on a broker standpoint, I could get up to 3pts back just for doing your loan. That equates to 9k, now minus the 2000 dollars in total cost for title, escrow, appraisal, etc… and you I was usually left collecting a check for 7k.

I strongly encourage going with a higher interest rate and lower closing costs in todays market especially. chances are you're just going to refinance again in a couple years so why continuously keep bumping up your mortgage balance when it's not needed and the interest portion is deductable?

Also, do yourself a favor and calculate out what the fully amortized payment would be and go with an interest only loan. Take the difference in payments and start putting it into an investment account and let yourself accrue interest on those funds. When the funds you deposit into that account are compounded on an annual or semi-annual basis, you are going to yeild a higher return on your dollar than if you put it into the equity in your home.

There is a term that the wealthy use when talking about equity in a home… Dead money! meaning, the money is doing nothing for you and securing the BANKS instrument. Basically, you are putting yourself at jeapordy of giving the bank a better asset in that if you lose your job and can no longer make payments, you don't have any savings but you have equity that the bank gets. Trust me, it's better to have money in the bank than equity in a property. It's readily accessible and you don't have to worry about being approved for a loan if you are out of your job.

BTW… never get into a neg-am loan. Unless you are a VERY saavy investor, these loans are not meant for you.
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