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Bit stymied on a mortgage issue, wanted to ask the knowers at SDN what is really going on.
When I made an offer to the seller on his house, I had my mortgage guy tell me the "seller concession" could be a max of 3%. I took that to mean--correctly or not, let me know--that I could make a $100K mortgage into a $103K mortgage, on the grounds of needing the extra 3K to go toward closing costs. Any closing costs beyond that I could not "roll" this way into the loan.
However, my real estate agent later said that it means 3% is the most the buyer is allowed to take up of the closing costs.
Can someone please tell me what is the correct interpretation of this situation? The mortgage guy is closed this weekend, and waiting until Monday to figure this out might drive me nuts.
Thanks for your help!
When I made an offer to the seller on his house, I had my mortgage guy tell me the "seller concession" could be a max of 3%. I took that to mean--correctly or not, let me know--that I could make a $100K mortgage into a $103K mortgage, on the grounds of needing the extra 3K to go toward closing costs. Any closing costs beyond that I could not "roll" this way into the loan.
However, my real estate agent later said that it means 3% is the most the buyer is allowed to take up of the closing costs.
Can someone please tell me what is the correct interpretation of this situation? The mortgage guy is closed this weekend, and waiting until Monday to figure this out might drive me nuts.
Thanks for your help!
