Coldwell Banker Sea Coast Advantage Blog

What are Seller Concessions?

Posted by Coldwell Banker Sea Coast Advantage on February 02, 2014 in  appraisal  closing costs  financing a home  home buyers  home settlement  mortgage  seller concessions  seller net proceeds
When a buyer purchases a home with a mortgage, they are required to pay a certain amount of closing costs on top of the actual purchase price of the home. Some buyers discover during their home hunt that they have enough money saved for a down payment, but not for the closing costs. Rather than wait to save more money to purchase a home, they’ll request the seller to pay these closing costs. This monetary contribution is called a seller concession or seller contribution and is only applied to closing costs. W... read more
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What is Included in the Closing Costs?

Posted by Coldwell Banker Sea Coast Advantage on February 02, 2014 in  buying a home  closing costs  home buyer  home closing  home mortgages  mortgage costs  settlement costs
When you obtain a mortgage, you need to pay fees - charged by lenders and third parties – related to the purchase of the home. These fees are called closing costs and are included on top of the cost of the home and down payment. Here is a list of common closings costs: Credit Report Processing Fee Loan Origination Fee (for processing loan paperwork) Costs of Inspections (Termite, Home, etc.) Appraisal Fee Survey Fee Property Taxes Private Mortgage Insurance Prepaid Interest Prepaid Insurance Discount Points... read more
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