Gift of Equity?

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ADDITIONAL COMMENTS:

Just read your additional comments - looks like I posted my original reply at the same time.

I believe DE has a 1.5% transfer tax (based on sales price). PA's transfer tax (ex-Philly) is generally 1%. However, I believe DE's title insurance rates are lower.

How much are the real estate taxes on your mother's home? Also, how many months did your lender base the tax and insurance escrow for?

Lastly, tell me about the lender's fees? Is he charging you discount points? How about an origination fee?

Please respond to EVERY question I listed above. Thank you.

Gift of Equity?

Since the home is valued at $300,000, the difference between what you are paying ($270,000) and the value of the home is the $30,000. If your mother sold the house at fair market value, she would walk away with another $30K, but instead she is selling the house to you for less money.

And that $15K in closing costs is a HUGE red flag. Shop around with a couple other lenders before you sign any papers.

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Gift of Equity?

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