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3% Seller Credit

EDGEhomes is offering a 3% seller credit to buyers who close with our preferred lender, First Colony Mortgage!

Scenarios are based on a $500,000 purchase price & 10% down payment with a loan amount of $450,000. Loan is a 30-year fixed rate conventional mortgage. In this scenario, you will receive a $15,000 credit from EDGEhomes to use in any way you choose. Below are some examples of how you can mix & match to save!

REDUCE YOUR INTEREST RATE

Use $13,500 of your $15,000 seller credit to reduce your interest rate and see massive savings over the life
of your loan. 

Seller Credit Remaining: $1,500

Buyers that plan to stay in their new home long-term and do not anticipate refinancing in the near future could benefit the most from this option.

 

EXAMPLE

MARKET RATE: 5.5% (APR 5.568%) 

REDUCED INTEREST RATE: 4.625% (APR 4.684%)

Potential Savings

2-1 BUYDOWN INTEREST RATE REDUCTION

Use $9,712 of your $15,000 seller credit to prepay interest on your mortgage for the first two years. A
buydown is typically two percentage points lower during the first year & one percentage point lower in the
second year of your loan. 

Seller Credit Remaining: $5,288

Buyers that want to build up their savings in the first two years or who plan to refinance their home in the near future could benefit the most from this option. 

Potential Savings

PREPAY MORTGAGE INSURANCE

Use $5,310 of your $15,000 seller credit to reduce your monthly payments by prepaying your mortgage
insurance. 

Seller Credit Remaining: $9,690

Buyers who want to eliminate mortgage insurance without putting 20% down could benefit the most from this option. 

Potential Savings

PREPAY HOA FEES

Use $2,000 (varies by community) of your $15,000 seller credit to reduce your monthly payments by prepaying your HOA for a year.

Seller Credit Remaining: $13,000

Buyers who want to build up their savings the first year in their new home could benefit the most from this option. 

COVER CLOSING COSTS

Use all, or some, of your $15,000 seller credit to cover the closing costs on your new home. 

Buyers that want to reduce their out-of-pocket costs at closing could benefit the most from this option.

REDUCE YOUR PURCHASE PRICE

Use all, or some, of your $15,000 seller credit to reduce the purchase price of your home. 

This is a great option for any buyer!

CONTACT AN EDGEHOMES AGENT AND
GET HUGE SAVINGS ON YOUR NEW HOME!

Must use First Colony Mortgage, preferred lender of EDGEhomes to qualify for lender incentive.

  These loans are not a substitute for the expertise that your First Colony Mortgage consultant offers. The figures shown represent monthly principal & interest payments, not homeowners insurance, monthly taxes, or mortgage insurance (when applicable). These are estimates only, not guaranteed payment amounts. Mortgage insurance is required on all conventional & FHA loans with a down payment of less than 20%. Lender paid Mortgage Insurance results in a loan with a higher interest rate than one with other mortgage insurance options. Estimated payments & APR are based on a 740 FICO credit score. Loans are subject to credit approval. Not all buyers qualify. Contact your FCM loan office for more information. 

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