Click To View Links

Need a Real Estate Coach?

Who pays for the lender credit - Loan Officer or bank?

by Sandra
(USA)



I have a question for you. Who is should be responsible for paying the lender credit? Would this be the loan officer who is responsible? Or is the bank responsible for this?

=====ANSWER=====

Hello Sandra,

I'm not sure what you mean by the lender credit. What line does this figure show up on your GFE?

One thing I can say about some of the terms used in mortgage lending is that they can be very deceiving. For example, when you hear the word discount, one would think they are going to save money since the word discount is normally used in that structure of a sentence. However, a discount on a mortgage actually cost you money and is used to buy down your interest rate.

So with a lender credit, I'm not sure what you are asking. Can you clarify for me?

Regards,

Jeff Ragan

PS, you may want to watch my FREE video on the good faith estimate explained at FREE GFE Explained Video this will explain the new 2010 GFE in detail. It is about 26 minutes long and goes step by step explaining your closing costs.

Thanks,

Jeff Ragan

Comments for Who pays for the lender credit - Loan Officer or bank?

Click here to add your own comments

Lender Credit
by: Nakia

Loved the video!!! We need more videos like this to explain these forms.

Click here to add your own comments

Return to Credit Questions.

New Jersey Grants

Click on Image to Learn More

South Carolina Grants

Click on Image to Learn More

Recent Articles

  1. VA Construction Loan and Division of Tenants

    Mar 26, 18 03:08 PM

    Due to cost of living, property cost, and housing my husband (retired Navy), myself (retired wife) and 25 yr old son live together and have for over 5

    Read More

  2. Closing costs of FHA homes

    Mar 26, 18 02:33 PM

    I am wanting to purchase a small single family home for myself and I don't make a whole lot. I read about the debt to income ratio and I'm good on that.

    Read More

  3. Justin Tucker - Justin Tucker Real Estate Team

    Mar 12, 18 05:13 PM

    When I first got into the Real Estate business I would have never imagined the fun I would have helping people throughout Sumner County and the Greater

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter