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Replies (5)
- Space_Truss
- Contributions:177
You can use it to buy points, if you can close your house less than this money.
Depending on your lender, you can even use a couple thousand dollars towards your down payment. People say you can't but I did ! . It all depends on your lender.
Depending on your lender, you can even use a couple thousand dollars towards your down payment. People say you can't but I did ! . It all depends on your lender.
You can use "seller assist" to closing costs, prepaids and escrows. You can also use it to buy buy to get a lower interest rate. Note: whatever you don't spend the seller gets to keep. So make sure you spend it all.
A strategy would to be to buy 1 or 2 points, then use the rest towards you closing costs. Also, try and close on the 1st of the month instead of the end of the month. You will have to pay 29 or 30 days of interest, but too will help eat up the $10,000. Say you close on February 1st. Your 1st mortgage payment will be April 1st, so you live in the house 2 months mortgage payment free thanks to the seller.
A strategy would to be to buy 1 or 2 points, then use the rest towards you closing costs. Also, try and close on the 1st of the month instead of the end of the month. You will have to pay 29 or 30 days of interest, but too will help eat up the $10,000. Say you close on February 1st. Your 1st mortgage payment will be April 1st, so you live in the house 2 months mortgage payment free thanks to the seller.
- Donna Bruno, "century21nstar"
- Contributions:46
I would definitely use the money to bring down the rate. In the areas I service, typically for every 1% of your mortgage amount, you can bring down the rate .25%; however, please speak to your lender. All depends on your credit.
- David Wakeman, "Wakeman Realtors LLC"
- Contributions:290
It really depends on the type of loan that you are getting and the rules that are involved with that type of financing. I would use a portion for closing costs and the whatever is left over you could apply to buying down the rate, or buying a home warranty (if one hasn't been offered by the seller). It cannot be used for repairs and you cannot have a check cut to you for the remainder.
Talk with you Lender and your agent to determine what will best meet your needs in the transaction.
Talk with you Lender and your agent to determine what will best meet your needs in the transaction.
- rachelbross
- Contributions:14
Makes me feel better to see several replies that are in alignment! This also fits the general research I'd done; it is so nice to have validation! We'll definitely aim for the first of the month; the offer was verbally accepted yesterday, so maybe we'll be able to make that work.
Thank you all very much.
Seller agreed to give me 10K in closing, what all can I spend it on?
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