Mortgage Mike Helps | How Much Money Will My Buyer Need at Closing?
Link to YouTube Video Episode: https://youtu.be/IHFbslUCPQY
Confused about how much money you need at closing for your mortgage?
In this video, Mike Riley breaks down the numbers and explains closing costs for mortgages. There's a ton more than just a percentage down. There's actually 4 major categories so here we go... Give mike 7 Minutes and you'll have the scoop.
For more expert mortgage tips, visit mortgagemikehelps.com
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00:00 – Introduction
00:46 – Down Payment ≠ Total Money Needed
01:05 – 3 Categories of Money Needed at Closing
01:10 – Down Payment Breakdown
02:10 – What Are Closing Costs
02:52 – Paying Points to Lower Your Rate
03:17 – Prepaids and Escrows Explained
04:36 – How Prepaids & Escrows Can Vary
05:20 – Sample Buyer Scenarios
05:46 – Credits to Offset Costs
06:41 – Putting It All Together: Sample Calculation
06:57 – The Most Important Reminder
07:03 – Final Advice: Call Before Making an Offer
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