Found 2 blog entries tagged as close.

 




Especially in areas where inventory is rising, both homebuilders and sellers are sweetening the deal for buyers with things like paid closing costs, mortgage rate buy-downs, and more. In the industry, it’s called a concession or an incentive.

What Are Concessions and Incentives?

When a seller or builder gives you something extra to help with your purchase, that’s called either a concession or an incentive. 

  • A concession is something a seller gives up or agrees to in order to reach a compromise and close a deal. 
  • An incentive, on the other hand, is a benefit a builder or seller advertises and offers up front to attract and encourage buyers.

Today, some of the most common ones are:

  • Help with closing costs
  • Mortgage rate…

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Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them.

What Are Closing Costs?

A recent article from Bankrate explains:

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac, while they can vary by…

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