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In one of the contracts my dad signed it said the seller pays a 5% commission to his or 'the' realtor in general...forget the wording. Does that include our realtors fees? I'm just wondering how she gets paid, it has never been brought up to us. I just hope my dad doesn't get slapped with a fee at or after closing by surprise. How does it usually work? We have a different realtor than the seller, do they just split the commission?
Also, is 5.375 30 yr fixed with no points a good mortgage rate? Thanks for your help guys, closing Thursday.
Last edited by sturmgeist; 06-15-2010 at 09:17 PM..
yes generally the commission is split. You will need to check if your dad signed a buyer agent agreement, that should list any costs to him. In some cases, it may specifically state that the buyer agent will get 3% so if the seller only pays 2.5% your dad may be on the hook for .5%. Your dad may also have to pay a buyer agent fee, that should be specified in a buyer agent contract.
The mortgage rate depends on some different factors...type of loan, credit score, % down, etc. For a 30yr conventional, 5.375 is kind of high. I think the current national average is around 4.75 - 5.0. Of course this all could depend on when the rate was locked. 2 months ago the rates were slightly higher.
My dad has really good credit and put down 20%, someone told me that was high. But it'sa really a tiny mortgage(only a bit above $60,000) which may be why..If not it doesn't matter much because he plans to pay off early. We're just happy that we were even approved after all the hassles. Thank you for your help.
by no points, do you mean that all closing costs are removed or there's no origination fee?
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