U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
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)
Old 07-10-2018, 05:06 PM
249 posts, read 105,757 times
Reputation: 178


I am currently under contract for a home and we close in a month. We requested seller give us a closing credit. If we pay our titles lawyer, appraisel, homeowners insurance and pest spection up front, which according to my closing calculater is apart of closing, do they give us that money back at closing? Or is it not included?

Not sure how it works. Our loan person is out for the week on vacation. I have her cell which she said I could call, but don’t want to call. Any professional or personal experience welcome.
Rate this post positively Quick reply to this message

Old 07-10-2018, 05:13 PM
3,806 posts, read 8,259,907 times
Reputation: 4944
Ahh, because you are not bothering her, you deserve help!

Did they agree to pay the closing cost credit, and if so, how much is it?

If they agreed to pay it, it's kind of like a discount at a store, where you have your total "bill" (down payment plus closing costs) then the seller credit is subtracted from the total that you owe before you pay it.

Then, if there is more credit that has not been used, you are credited for the items you already paid, but those items must be placed on to the Settlement Statement. Your Title agent will work with your lender to make sure that things are accounted for in a manner that facilitates that the credit is used.

Sometimes, such as for the appraisal fee, you will receive a check or refund to your credit card after closing.

This is a great time to be asking these questions, and you should copy in your Escrow officer (Title person) in the discussion. They might know how to handle it better than your Loan officer, as it can be a little tricky.
Rate this post positively Quick reply to this message
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
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.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top