4 Ways To Pay Closing Costs On Your San Diego Mortgage in 2023 | 2024

(Please note: This is a - not so great - word for word transcription below...)

Hey, what’s going on?

It’s Scott Taylor with sandiegorealestatehunter.com.

Licensed in the state of California for both real estate and mortgages, with an emphasis on San Diego.

Now, I get a phone call from an angry person that was talking about a no cost refinance and wanted to explain to me how there was no cost in closing costs in their mortgage.

JUST UPDATED: San Diego's 7 Best Places to Live in 2023 | 2024

And I said, if you're confused about this [no offense], a lot of people are confused.

There is no such thing as no cost and that's why I think quotes. 

So, I want to shoot a very quick video on the four different ways that closing costs can be paid,

because guess what?

There’s a lender fees, and escrow fees, and title fees and transfer fees etc.

Here's a quick rundown of our list:

Number (1)

Of course; you can pay them out of pocket.

That just simply means that you pay it from your bank account or you pay it from stocks or bonds or depending on how much it is, right.

So, number (1) is you pay for it out of pocket.

Number (2)

You can do what’s called a lender rebate.

So, when you hear about a no cost refinance or a no cost loan, it can be done through a lender rebate.

JUST UPDATED: San Diego Real Estate Market Forecast in 2023 | 2024

Very simple; you qualify at a specific rate, your rate then is bumped up, just a little bit.

That difference, there is what’s called a lender credit or a lender rebate. That's used to cover your closing costs. 

Get Pre-Approved in 60 Seconds... (No Social Security Number Needed)

By proceeding, you consent to receive calls and texts at the number you provided, including marketing by auto-dialer, pre-recorded voicemail, and email, from this site's operators about real estate related matters, but not as a condition of purchase. You also agree to our Terms of Service, and to our Privacy Policy regarding the information relating to you. Message and data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Number (3)

The third way, potentially, is if you're buying, you can have the seller pay your closing costs.

So, this is how it would work.

Let's say that you're buying a four hundred thousand dollar condo in North Park and you're structuring your offer like this,

“hey seller, I’m buying your awesome condo for four hundred thousand dollars,

TOP POST: 5 San Diego Housing Predictions in 2023 | 2024

If you accept it” [of course] “I want you to cover X dollars or X Percent of my closing costs”.

As long as the seller gets what they want, it limits your cash out of pocket.

So, it makes sense in this environment in San Diego, is it possible?

I don't know.

On certain properties, it definitely is and I see it all the time.

Number (4)

The fourth way that you can pay closing costs, would be if you got closing costs assistance.

A lot of times people don't understand, based off of your income or middle [inaudible 00:02:41] score or if you get a job or not; you can qualify for closing cost assistance and that's available as well.


Number (1), we have an outer pocket.

Number (2), the quote unquote, no cost refi, where you use a lender rebate or a lender credit.

Number (3), on a purchase that you have the seller pay for those.

Number (4), closing costs assistance or of course, a lot of times there's a combination of things, right.

VISIT: San Diego’s 7 Wealthiest Neighborhoods in 2023 | 2024

You might put in a little bit, you might have a little bit of a lender rebate and the seller might pay a little bit.

But those are the four ways.

From here, this is what I want you to do, go to my website sandiegorealestatehunter.com

where it breaks a lot of this stuff down, over five hundred articles on real estate, on mortgages, on deal structure.

VISIT: San Diego’s 10 Most Affordable Neighborhoods in 2023 | 2024

There are some videos like these, educational, non-salesy videos that you can learn a little bit more about how this stuff works.

You'll notice I'm not in a big fancy studio, I don't wear a suit, I'm just like you, I'm just breaking this stuff down as simple and easy as possible.

Or if you want to get started, go to scottsloanapp.com 

In twenty minutes or less, you can fill an online application, whether it's from your phone or smart device or computer.

As soon as you're done, I’ll get a tax alert and I'll call you up.

I’ll make sure that your credit report is accurate and I’ll go over it with you, I’ll listen to the type of mortgage or ideas that you have.

Based off of that, I’ll give you a list of supporting documents, things that you know that you need;

like a driver's license and social security card, and last two years tax returns and W2s, last two months bank statements, all pages, last four months’ pay checks, maybe a 401K or IRA or stocks or bonds latest statement.

NEW POST: San Diego’s Best 5 Private Country Clubs in 2023 | 2024

Depending on what your credit report says, might need things like a short sale or foreclosure or a chapter seven or chapter thirteen or child support or alimony.

You get the idea.

Go to scottsloanapp.com and get started right now.

I would love to help assist you with your home purchase, home sale, or home loan - please feel free to give me a call, text, or use the form below. 

Your San Diego Mortgage Insider,


Get Scott's Personal Help Below...

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Where Do You Want To Go Next?

By clicking “Send” I/We agree by electronic signature as stated below: 1) To be contacted by telephone even if the telephone number appears on a State/National Do Not Call registry or any company’s Do Not Contact lists. 2) To this website’s Privacy Policy and Terms of Use.

See Our Top Blog Posts Below...

See San Diego's Newest Listings Below...

3644 Properties
Page 1 of 102

Post a Comment