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Answers (2)
- Scott Wilkie, "Scotte_123"
- Contributions:35
This means the seller will contribute 1.75% of the purchase price toward a rate buy down. The money might be better spent on closing costs. Your agent should spell everything out for you.
1.75 discount points will buy down your rate, but unlikely to buy it down by .75 as a rate. 0.5% tops..., maybe a bit less it will depend on the exact rate sheet your loan officer has.
asking for discount points is a bit less common than asking for closing cost help though it certainly does benefit you.
asking for discount points is a bit less common than asking for closing cost help though it certainly does benefit you.
What does this mean?
She said it was one of the 'private remarks' in the listing that had to be requested in the original purchase agreement in order to get.
"Seller shall pay 1.750 % discount points..."
Does this really mean that if my interest rate were 5%, the seller would pay it down to 4.25%? Sounds too good, am I misinterpreting it?
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