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Thanks a lot, Beb0p. I also realized Zillow is crap. $0 for closing sounds great. Would you happen to have contact details of the broker you dealt with?
Yes $0. How it works is that say I pay $500 for the appraisal/inspection, the lender credits it back to me. They don't pay me directly, they credit the amount to the loan. Say I owe $10,000 initially, now I owe $9,9500. So whatever comes out of my pocket is like a payment towards the principal. Which is just fine by me.
I'll PM the broker's info to you. Obviously, no guarantee that they can find similar no cost loan for you, they're dependent on what the lenders are offering.
Yes $0. How it works is that say I pay $500 for the appraisal/inspection, the lender credits it back to me. They don't pay me directly, they credit the amount to the loan. Say I owe $10,000 initially, now I owe $9,9500. So whatever comes out of my pocket is like a payment towards the principal. Which is just fine by me.
I'll PM the broker's info to you. Obviously, no guarantee that they can find similar no cost loan for you, they're dependent on what the lenders are offering.
One question, did they credit everything back to you? I have heard Quicken Loans does the same thing- i.e. the appraisal/inspection money is credited to the loan. What about the other costs i.e. titling fees, refinance loan application fee, lender closing fee, settlement fees, document preparation fees etc.? Did he charge you these fees?
One question, did they credit everything back to you? I have heard Quicken Loans does the same thing- i.e. the appraisal/inspection money is credited to the loan. What about the other costs i.e. titling fees, refinance loan application fee, lender closing fee, settlement fees, document preparation fees etc.? Did he charge you these fees?
The lenders have fees but I get a credit that is greater than the fees that they charge. For the most recent loan, the fees (title, docs, origination, etc) is about $2,000; I get a credit for abut $2,800. So all I had to pay out of my pocket is $500 appraisal. The $2,800 credit covers the $2,000 (title, doc, origination, etc) fees + my out of pocket $500 with a little left over that all goes towards my principal. After I paid the appraisal, I didn't have to bring any money to the closing because the credit already covers the $2,000. Hope I'm explaining it clearly.
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