how much would you have to have the day of signing?? Say for example on a 120000 loan how much would you have to bring??
2007-03-12 10:11:47 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A 100% Mortgage, means that you do not have to make any downpayment. If you are buying the house for $120,000 ---Then a bank must have approved you for the full $120,000.
The only money you would have to bring to the closing would be your closing costs. These can be financed as well if your contract states that you will receive a "sellers concession". In which case the seller agrees to sell you the house for:
Example: 130,000 and take 120,000 for themselves and give you the extra 10,000 to be paid on closing costs.
Seller Concessions are a percentage of your purchase price. 3% of 120,000 would be $3,600 in fees paid at closing. And your loan would go up to $123,600 and purchase price would be the same.
Otherwise if you have to pay your costs at the time of closing, depending on your state costs and how much the mortgage person charged you....your looking at 3-6k. Depending on a bunch of things....
2007-03-12 10:42:09 · answer #1 · answered by gabegillen 1 · 0⤊ 0⤋
I don't think it incluses closing costs, as the loan would then be more tehn the asset. There are a bunch of factors involved, simply ASK tehm before the meeting to sign the papers. You should have already been told when the loan was drawn up anyway.
2007-03-12 10:21:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The lender rarely pays your closing costs. You can try to negotiate that the seller pays your costs for you instead though. But usually, they'll want to increase the price of their home to cover it.
So, if you are willing to pay $120K for the home, buy it for $125K and have the seller pay the $5K in closing costs it would likely take to buy it.
2007-03-12 13:01:41 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
with a 100% mortgage you don't have to bring anything to closing. everything is include in it. thats why its 100%.
2007-03-12 10:59:30 · answer #4 · answered by cmruffin1 2 · 0⤊ 0⤋
This is possible ,if your buying for less than appraisal and your credit is excellent.But you'll have to pay additional mortgage ins. untill you have 20% equity...
2007-03-12 10:34:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋