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Reload this Page Will 3 points from the Seller cover all closing costs? (loan officer, interest rate, pre-approved)
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Old 07-07-2009, 09:18 AM
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Default Will 3 points from the Seller cover all closing costs?
Hi - -


My agent told me that normally a buyer will ask for 3 points on a mortgage from a seller to go to closing costs. On a 200,000 loan this equates to 6,000. In the Chicagoland market will this normally cover all closing costs? Will there be some left over to slightly buy down the interest rate?
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Old 07-08-2009, 03:52 PM
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depends on the state and the loan. Ask your loan officer (I'm assuming you are pre-approved) for a Good Faith Estimate
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Old 07-08-2009, 05:45 PM
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Originally Posted by BriGuy23 View Post
Hi - -


My agent told me that normally a buyer will ask for 3 points on a mortgage from a seller to go to closing costs. On a 200,000 loan this equates to 6,000. In the Chicagoland market will this normally cover all closing costs? Will there be some left over to slightly buy down the interest rate?

Usually the way closing costs are written in purchase agreements is up to $x. Meaning there will be no left over.
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