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Lender Credit
Many mortgage lenders offer credits to help you pay for some or all of the closing costs associated with home loans. For example, a $200,000 home loan may incur closing costs of 3 to 6 percent of the loan amount.
Using the high end of 6 percent on a $200,000 home loan, the lender will require you to pay $12,000 in closing costs. Lender credits can help pay some or all of the $12,000.
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