Posted on: 30th Jan, 2011 07:48 am
I am 3% seller contribution (7800) and in spite of buying 1 point I am not able to use the complete $7800. Other than the option of buying points how can I effectively use the money i have on the table left. ( Approx $2000).
I purchase contract says this "
Seller to pay upto 3.5% of he purchase price towards buyers closing costs, prepaids, points, home warranty and buyers portion of HOA Transfer fee with costs not to exceed $7800"
Below is split of my current charges
TITLE FEES:
Escrow 348.50
Title Ins 610.00
Endorsements 150.00
Recording 50.00
Courier 55.00
Re-Key 120.00
TOTAL 1333.50
LENDER FEES:
Appraisal 425.00
Credit Report 35.00
Discount 1755.00
Lender Fee 740.00
Tax Service 79.00
Flood Check 26.00
TOTAL 3060.00
PREPAIDS:
Insurance 446.00
Prepaid Interest 605.88
Impounds 481.58
TOTAL 1533.46
GRAND TOTAL 5926.96
+HOA FEES (Dont know yet may be 400) ???????
I purchase contract says this "
Seller to pay upto 3.5% of he purchase price towards buyers closing costs, prepaids, points, home warranty and buyers portion of HOA Transfer fee with costs not to exceed $7800"
Below is split of my current charges
TITLE FEES:
Escrow 348.50
Title Ins 610.00
Endorsements 150.00
Recording 50.00
Courier 55.00
Re-Key 120.00
TOTAL 1333.50
LENDER FEES:
Appraisal 425.00
Credit Report 35.00
Discount 1755.00
Lender Fee 740.00
Tax Service 79.00
Flood Check 26.00
TOTAL 3060.00
PREPAIDS:
Insurance 446.00
Prepaid Interest 605.88
Impounds 481.58
TOTAL 1533.46
GRAND TOTAL 5926.96
+HOA FEES (Dont know yet may be 400) ???????
After to pay off the 1 point from the seller's contribution, you can use the rest of the money to pay any of the closing costs as asked by the lender. For example, you can use it to pay Escrow, Title Insurance, Endorsements as well as the Recording fees.
Use the rest of the money to buy down the interest rate.
