People think you need to save a large amount of money to buy a home and put off their dreams while they try to save. At Market Place Mortgage we want you to keep as much money in your pocket at closing as possible. How? We cap our profit internally and we give those savings to you, our long-term client. We know you are going to need it to turn your house into the dream home you want it to be.
Our closing cost savings can be achieved with any type of mortgage we offer – but let’s assume, for example mortgage calculator, a $200,000 home using a 30-year fixed FHA loan at 3.75% (3.98% APR)* with no origination points:
| Example item | industry standard | market place mortgage |
|---|---|---|
| Purchase Price | $ 200,000 | $ 200,000 |
| Escrows | $ 3,640 | $ 3,640 |
| Lender Costs | $ 1,600 | $ 750 |
| Title & Taxes | $ 2,416 | $ 2,416 |
| Mortgage Insurance | $ 3,377 | $ 3,377 |
| Down Payment($7000 is reflected in Loan Amount of 196,377 = $193,000 + 1.75% Upfront Mortgage Insurance) | ||
| MINUS | ||
| Loan Amount | $ (196,377) | $ (196,377) |
| Earnest Money | $ (2,000) | $ (2,000) |
| Seller Credit | $ (2,000) | $ (2,000) |
| Seller Tax Credit | $ (4,950) | $ (4,950) |
| Lender Credit | $ 0 | $ (4,000) |
| Total Funds to Close | $ 5,706 | $ 856 |
| SAVINGS | $ 0 | $ 4,850 |
*example based on market research survey date Oct 17, 2016
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