Tag Archive for: lender credits

Understanding Lender Credits In Home Mortgages

Lender credits are discounts offered by the lender that apply to closing costs and reduce the amount of money you pay at closing.Read More

Free Refis Aren’t Free

An agent recently told us he only refers his clients to “one loan officer” because that loan officer “offers a ‘free’ refi to all of his clients in 6 months, […]Read More

What Are The Average Closing Costs in California?

Closing costs are the various fees and charges buyers face when buying a home that are required in order to close on a loan. But what are the average closing costs in California? Closing costs typically run between 2% and 5% of the home’s purchase price for homebuyers in California. However, many closing costs vary with the price of the home or the loan amount.Read More

7 Reminders For Seller Credits And Repairs

Seller Credits For Repairs Many homebuyers can get credits for closing costs in lieu of credits for repairs. Sellers are often unwilling to credit anything in hot markets, but sometimes […]Read More

Closing Cost Credits; Agent Credits Allowed; Reminders

Closing cost credits are often necessary to help cash-starved borrowers close transactions, as total closing costs can easily exceed $10,000 for even inexpensive homes, depending on transfer taxes and other fees local to a particular county.Read More

Lender Credits For Closing Costs – When & Why

Most buyers understandably want the lowest rate possible when they lock in their rate. This is particularly the case when they believe rates are at an all-time low and when […]Read More

Is Paying Mortgage Points Worth It?

What are mortgage points? And is paying mortgage points worth it? A “point”— formally referred to as a “discount point”— costs the borrower one percent of the loan amount. Mortgage lenders typically refer to this as “buying down your rate.” For example, one point on a $500,000 loan is $5,000. The point is a fee typically paid at the beginning of the loan in most cases and it is up to you as to whether you opt to pay for discount points.Read More

How Points, Origination Fees and Lender Credits Affect Rates

In Friday’s Blog, I pointed out how many things affect a buyer’s interest rate, including Credit Score, Loan Amount, Property Type, Lock Period, LTV, etc. But – I received questions […]Read More

How Sellers Can Help Cash-Strapped Buyers (They Can’t Gift Funds)

SELLER CAN’T GIFT FUNDS An agent recently asked us if a seller could gift funds to a cash-strapped buyer to help the buyer get into the home. The answer unfortunately […]Read More

Lender Credits for Closing Costs – Success Story & Reminder

LENDER CREDIT SEALS THE DEAL An agent we work with was able to get one of her clients into contract on Friday by taking advantage of the large lender credits […]Read More

Who Can Pay Closing Costs? Seller, Lender, Realtors; Happy Veterans Day

JVM Lending will be working a half day today because of the Veterans Day Holiday. We will, however, have a Mortgage Analyst “on call” all day and all weekend, per […]Read More

Using Lender Credits For Closing Costs; Just Need Down Payment

We had a borrower come to us over the weekend who wanted to buy a $400,000 home with FHA financing, and she had exactly $14,000 for a down payment (just […]Read More

Using Higher Rate To Pay for Closing Costs; Lender Credits

Many homebuyers are tight on cash and barely able to come up with down payment funds. We often offer such buyers lender-credits for closing costs. Closing costs for a “no […]Read More