Mortgage 101: Earnest Money and Closing Costs

This blog post is #3 in a series we call "Mortgage 101." To see the whole Mortgage 101 document, click on this link:

Mortgage 101

Closing Costs / Earnest money

•·         Earnest Money. $1,000 typically goes with the opening offer. An increase to 2% is typically the minimum sellers will accept, 3% is normal, and it may be as high as 5%. Whatever it is, it will count toward your down payment and closing costs.

•·         Closing Costs. In Cook County, a buyer's closing costs are typically just under 2%.

•·         Seller Assistance on Down Payment. Here you roll the closing costs, which are about 2%, into your mortgage. It really isn't a gift from the seller-as your mortgage will be higher. Please note that this isn't available on every deal; we can explain more to you when we start working together.

Here is a link that will take you to the Tools / Resources page of the Chicagoland2to4Flats.info website-where you can see and print:

Current Loan Matrix

And this is just the start of what you'll find at www.Chicagoland2to4Flats.info!!!