If I have a credit score of 750 or higher, do you think that I can get a lender to pay full closing costs?

Question

My credit score is getting better (723), I am wondering what kind of leverage I have with a higher score.

Answer 1

A high credit score gives you leverage in getting a mortgage, but probably doesn't give you much if any with the seller. It would be the seller who would be paying closing costs if they agree, not the lender. You might be able to negotiate for a better rate though.

Answer 2

With a 723 score you qualify for "A" paper programs. That means the best loans, with possible adjustments. Mortgage loans are risk based, and each risk incurs an adjustment to the fees. This includes credit score, whether you can document your income and assets, loan to value, etc... But to answer your question; you can get a lender to pay all of your closing costs, but you'll pay for that in your rate and it's probably not worth it, unless you plan to resell or refinance very soon. If it's a purchase you can, in your offer, ask the seller to pay closing costs. Some lenders allow up to 6% seller concessions, most allow 3%, which should be enough.

Answer 3

With a higher credit score, you will get a better rate of interest on your mortgage. Closing costs include the survey, title insurance, attorney fees, property taxes, etc. for your new home and the lender won't just pay those things for you. I have a rating in the low 800's and I still had to pay the mortgage application fee, their attorney review fee, etc.

Answer 4

In a buyer market like today, a credit score like yours a lender will not only pay for your closing costs but you could even get a seller to pay for all your prerpaids (taxes, mortgage, insurance, etc).

Answer 5

No. The lender doesn't pay the closing costs, but you may get the seller to pay the closing costs if he wants the house sold bad enough. It's a buyers market so it may work.

Answer 6

if they pay , u'll pay in the mortgage or interest.
don't hold ur breath