The Mortgage Closing Disclosure is a form that consists of five pages and needs to be disclosed three days before closing. The initial Closing Disclosure also referred to as the CD, has much updated accurate numbers with regards to actual closing costs versus the Loan Estimate (LE). The mortgage closing disclosure form was replaced with…
In this blog, we will cover how homebuyers can not pay out of pocket for closing costs and use seller concessions and/or lender credit. In general, most homebuyers do not have to pay closing costs out of pocket. Closing costs are generally paid with seller concessions and/or lender credit by the mortgage company. Closing Costs…
Sellers Concession concession by the home seller can be used to cover closing costs. This way, the only costs the homebuyer needs to come up with is the down payment. It will not cost the seller anything by giving seller concession to homebuyers. The seller will just tack on the amount of seller concession to…