x
We research, you save.
Bookmark

can anyone please tell me what a lender credit is. is it like points

thank you
By yemelie.santos9842992 from MO Apr 7th 2014
Reply

A lender is a bank, that the one that would lend the money to you for a home. It is not like points. If you are trying to buy and want some guidence please dont hesistate to call me. Cody Bellah @ 816-256-0013.

Apr 7th 2014

A lender credit is when the lender credits you with an amonut of money towards your closing costs. It is differnt from points as points are a fee you pay. Hope this helpsThanks,www.tulsamortgageteam.com

Apr 7th 2014

I agree more with the answer provided by Patrick. One is given lender credits to offset helping to pay for closing costs. One can buy down a rate which is known as paying points.

Apr 7th 2014

Although the answers so far are correct, it is like points in one sense: Normally a lender credit is given due to you paying a slightly higher interest rate than market. Points you would pay to lower the rate. You can think of the credit as "negative points" for a higher interest rate. This is not necessarily a bad thing; it depends on what is best for your particular situation. You should be given options for different rates some of which should include paying pints for a lower rate and some of which should include varying credits for higher rates. Anyone not giving you these options and discussing the pros and cons of each is doing you a disservice. Please make sure that you speak with an experienced lender who will lay out various options and intelligently discuss the pros and cons of each with you. Your pre-approval should reflect in writing that all financial documents have been reviewed. This will make for less stress and potential issues during the process as well as make it more likely for a seller to accept your offer on the home you want. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Apr 8th 2014

Didn't find the answer you wanted? Ask one of your own.

Get an answer


Compare Lowest Mortgage Rates

$