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Host: What is a seller concession? Jeff Thomas: Seller concession is something that your agent or you negotiate with the seller to purchase the house. So if you are buying a $200,000 house you may negotiate 3% Seller Concession. That 3% or $6,000 is going to help pay your closing cost. Typical closing costs are going to be 3% and you can take that $6,000 and cover points, fees pretty much anything on the HUD-1 and that's going to reduce your overall out of pocket expenses. So if you buy a house for $200,000 and you have $6,000 in closing cost, that are paid for by the seller, it reduces your net cost of the house by $6,000. 1
Expert: Jeff Thomas
Mortgage Advisor
Jeff Thomas is a Mortgage Advisor and Financial Educator with Family Lender, Inc. located in Fairfax, Virginia. Jeff has seen the mortgage business change significantly in the 15 years he has been in the business. Changes such zero down loans, to relaxed underwriting guidelines to borrowing more than the house is actually worth on a purchase or refinance transaction. With the changes in the mortgage industry, More »
About This Video
In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides More »
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Tags: Mortgage, House, Purchasing, Buying, Credit, Payment
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