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Old 07-07-2009, 08:18 AM
 
Location: Clarendon Hills
36 posts, read 120,341 times
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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, 02:52 PM
 
392 posts, read 1,492,025 times
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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, 04:45 PM
 
Location: Sacramento
2,568 posts, read 6,476,555 times
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Quote:
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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