Can Lender Credits Help Lower Your Closing Costs?

Have you seen mortgage lenders on social media advertising something like “Work with me, and I’ll give you $2,500 in lender credits!”? Truth is, a lot of times, there's a catch. NOT ALWAYS. But we want you to know what to look for and what questions to ask to make sure these lender credits aren’t too good to be true, and we’ll fill you in on how Homespire does it differently.

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Homespire Mortgage Corporation. Equal Housing Lender. All Rights Reserved. NMLS IS # 183215. Corporate Office: 9711 Washingtonian Blvd., Suite 500, Gaithersburg, MD 20878. 1-800-531-5395

This is not an offer for a loan or any type of extension. Eligibility for a loan or extension of credit from Homespire Mortgage Corporation is subject to completion of a loan application, credit, income, and employment qualification, and meeting established underwriting criteria. Rates are subject to change without notice based on market conditions. See Loan Consultant for information on program income limits, buyer contribution, area median income, debt requirements, and other application details.

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[donaldclifford]

I'm preapproved for a VA home loan of 80k. Their good faith estimate for closing costs is approx 8k, about 10%. Is there a way to fanangle the interest rate to waive some lender fees here? My state is New York.

[DJuanLove]

I have a lender willing to give me 8K in lender credits without increasing my interest rate. Sounds too good to be true. Is it?