Money Saving Tips for Home Buyers & Owners

Negotiating Seller Concessions: How Much Can You Ask For?

 

What Forms Can Concessions Take?

When someone makes an offer to buy a home, most often the initial offer isn’t the final one. Instead, it’s the start of some back and forth between the buyers and sellers. It’s a starting point. In the sales contract, the buyers can ask the sellers to pay for some or all of the buyer’s closing costs while at the same time allowing the buyers some time to have the home inspected during a specified period of time. 

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Topics: New Customers

Frequently Asked Questions for New Mortgage Customers

Can I apply for new credit while my mortgage application is being processed?

Most everyone knows that opening up new credit accounts can potentially disqualify someone from the mortgage they are seeking, but many people don’t realize that even having your credit report accessed by a creditor can also lead to a possible disqualification on their mortgage application as well. This is due to the credit score reduction that occurs when a new creditor accesses your credit report. Otherwise known as a credit “inquiry” the action of accessing your credit report will lower your credit scores by 5 to 7 points. This may not seem like much but if your credit scores drops just below the milestone scores that are set in every 20 point increments you could be reclassified in terms of your mortgage approval or you could cause your interest rate to increase because interest rates are based on these same credit score milestones.

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Topics: New Customers

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