U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-14-2013, 05:38 AM
 
58 posts, read 74,699 times
Reputation: 20

Advertisements

Quote:
Originally Posted by SmartMoney View Post
All of the accounting is to be on the HUD I. How you take the 2% rebate (sales price, closing costs, points, contracted repairs/improvements) is up to you, but you and the seller will be signing there were no side deals outside of the HUD - the agents (and loan officers) can lose their licenses for accounting (money changing hands) outside of the HUD. (At one time, post closing rebates mailed to buyers were allowed, but I believe the CFPB and Dodd/Frank has shut that down in every state).

The 2% rebate is quite common in my area when agents are written into a new home contract for the purchaser and then handling the sale of their existing home. Some even market for that scenario.
Thanks SmartMoney. I definitely want every penny on HUD. If my seller and Buyer agent agrees to add the rebate to the purchase price, Do I still have to get the approval from my mortgage lender?
Reply With Quote Quick reply to this message

 
Old 11-14-2013, 07:24 AM
 
Location: Southern California
4,350 posts, read 4,929,984 times
Reputation: 2129
Quote:
Originally Posted by pattyms81 View Post
Can you recommend amortized payment calculators that will give me details of monthly payments and Loan balances.
I use to use Excel, then I went to Iworks, then I started using the mortgage specific tool, not freely available. I also have two on the iphone one for simple calculations, one to estimate pmi. Send me a message with which want you want. I don't think I can post it due to forum rules.

If that 3500 is 1% of your loan, your break even would be around 4.5 years, non counting tax benefit. If you get a deduction out of it, it is actually shorter, but it gets complicated. If you use it towards fees versus principal reduction, you might get up get some money now versus more money later, talk to an accountant if you don't know how deductions work.
Reply With Quote Quick reply to this message
 
Old 04-02-2014, 08:24 AM
 
Location: Irvine, California
55 posts, read 103,884 times
Reputation: 26
Find a Loan Officer that uses "Mortgage Coach", and she'll be able to run all the various scenarios for you, enabling you to make an informed decision.
Reply With Quote Quick reply to this message
 
Old 02-22-2015, 09:40 PM
 
20 posts, read 26,383 times
Reputation: 12
Hi all, I realize the discussion is a bit old but it's exactly on point with my situation. I'm receiving a sizeable rebate that will certainly cover the entirety of closing costs + escrows and while I realize that I can buy down points with the rebate, I've determined this to be a suboptimal usage of the funds.

I figure to ask, especially @calbear629 if still around, is there anything special that needs to be done to have the buyer agent commission rebate apply as a reduction in purchase price? From what I've researched, disclosing this item and amount to the lender should allow it to be placed on the HUD in lines 204-209 and utilized to offset closing costs - does this automatically apply to the purchase price as well?
Reply With Quote Quick reply to this message
 
Old 02-23-2015, 10:55 AM
 
6,359 posts, read 7,321,320 times
Reputation: 10807
Quote:
Originally Posted by Janhaus View Post
is there anything special that needs to be done to have the buyer agent commission rebate apply as a reduction in purchase price?
No--it should just appear as a credit to you on the closing statement, which will reduce the amount you will need to bring to the table.
Reply With Quote Quick reply to this message
 
Old 02-23-2015, 12:32 PM
 
Location: Austin
7,077 posts, read 16,885,085 times
Reputation: 9484
Quote:
Originally Posted by jackmichigan View Post
No--it should just appear as a credit to you on the closing statement, which will reduce the amount you will need to bring to the table.
BUT, credits are only allowed to be X% of your loan, so if you're at or exceeding the allowable credit, your lender is not going to allow you to use it. You need to talk with your lender.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top