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Credits on the mortgage for cash back at closing?
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Credits on the mortgage for cash back at closing?
I've been hearing about something where you can increase the amount of your mortgage to get a credit at closing for repairs or what not?
Do you just add the amount of the repairs the total price of the mortgage? Who gives you this money back? Are there pros and cons of this, and things to look out for?
It seems like a really good solution if there is work that needs to be done to the house shortly after closing.
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Posted 8/13/07 10:11 AM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Credits on the mortgage for cash back at closing?
the house would have to appraise for the amount you wanted- like a sellers concession I think
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| Posted 8/13/07 10:16 AM |
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TJLealand3
LIF Adolescent
Member since 6/07 839 total posts
Name:
Thomas
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Re: Credits on the mortgage for cash back at closing?
Posted by Beth1210
the house would have to appraise for the amount you wanted- like a sellers concession I think
Exactly, you have to make sure you deal with the bank on this, make sure that it is all clear before closing.
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| Posted 8/13/07 2:22 PM |
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