Closing Cost

Read an interesting article here that discusses closing costs and pre-paid.

When writing an offer make sure to ask your agent to include that sellers will pay for closing cost up to the allowed percentage of the purchase price.

Speak to your lender to discuss your options and their fees. Ask your realtor to get quotes from Title companies. 

For example, if you had $16,000 in closing cost and prepaid and needed assistance from the seller to close follow the math below:

 If you were purchasing a $500,000 home and asked for 3% of closing cost.

You would:

3% x $500,000= 15,000 in prepaid and closing cost from the seller

That leaves you with $1,000 you will need to front.

Remember, to consult with your lender if you have any questions.