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The Certified Guide on How to Avoid the Most Common Home Mortgage Mistakes(Part 1)
SELLER CONTRIBUTIONS: A "seller contribution" is one of the best-kept secrets in the home-buying process. That’s when the seller of a home puts up some of the money needed toward the buyer’s closing costs. It can mean the difference between a sale of a home and no sale.
Seller contributions can be negotiated at the time of a home purchase by having the seller pay closing costs rather than or in addition to a reduction of the home sales price.
A seller contribution can seal a home purchase in some cases where the buyer does not have enough cash for both the down payment and closing costs. Many people can qualify for the payment on a home mortgage loans but encounter challenges in gathering the necessary cash. Often, people worthy of a mortgage don’t have a lot of ready cash sitting around at the moment they find their dream house. Don’t let the idea of a seller contribution scare you. An experienced mortgage broker or banker can help you figure out the best way to put a deal together. He or she should also be able to help you understand the details well enough to be comfortable with the purchase structure.
There are many other benefits of utilizing a seller contribution. Using the money from a seller contribution for the closing costs can free up more cash for a larger down payment. This can reduce or eliminate the need for private mortgage insurance (PMI) and can thereby save the borrower anywhere from $50 to $200 each month in PMI charges. This can also be used to achieve better price break points in the loan-to-value ratio to help the borrower get a better interest rate. Another benefit is the improved pricing or accessibility of "no income verification" mortgages. This is where the borrower cannot verify the income needed but may still obtain the mortgage by increasing the amount of down payment. If the borrowers have consumer debt with high monthly payments, preventing them from qualifying, they can use the seller contribution to pay off some or all of those debts. This allows them to qualify or significantly reduce their overall monthly payments. Also, closing costs are virtually non-tax-deductible. However, points are still tax-deductible. If paying points, it is very smart to use a seller contribution because while the seller pays the points, they are still tax-deductible to the buyer.
A seller contribution is easy to implement. There are no negative tax consequences to the seller except for a negligible real estate transfer tax in some areas. A seller contribution must be fully disclosed. The amount of seller contribution must not exceed the actual amount of closing costs. The buyer or real estate agent should check with the lender to make sure that they are within allowable limits, normally 3 to 6 percent of the purchase price.
TITLE INSURANCE
Paying too much for Title Insurance is a very common mistake. All lenders will require Title Insurance each time a mortgage loans granted. This is because it insures that the title to the property is free from any surprise liens that occurred previously. So, in essence, it covers the timeframe prior to the mortgage closing. That is why a new one needs to be done even on a refinance. Generally speaking, law regulates title policy fees so all title companies charge the same amounts.
There are a few different things you can do to save yourself money on title insurance. If you are refinancing, you can save over 50% by providing your old title policy and get the “refinance” rate instead of the higher “basic" rate. Even on a purchase, you can save 20 to 25% by getting the “re-issue” rate if you get the old title policy from the seller.
Greg Kazmierczak is Vice President of Marketing at Home123.com. Throughout his 12 years in the lead generation industry, he has developed several online lead generation platforms for auto finance and mortgage companies. He has written for various industry publications and has spoken at seminars on effective lead generation methods and building an effective mortgage lead generation program. He can be reached at greg@home123.com
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