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Rebates on Home Loans


An explaination and example of how our rebates on home loans can work.

Normally a borrower pays fees, loan points and costs up front. A rebate is a fee paid the lender to the real estate broker involved in brokering a loan resulting in a higher interest rate on the loan. 

We can transfer part of the  rebate to you the borrower to cover the closing cost for a home purchase loan or home loan refinance.

Rebates are also used to compensate the real estate broker instead of the borrower paying the fees directly from their own bank accounts for their home loan. 

Using rebates along with a good strategy allows borrowers to cover closing costs and fees.

An example of a rebate;for a 30 year fixed rate on a FHA home loan of $350,000 at 3.25% (3.85APR) would provide a rebate of 1% rebate or $3,500 to cover closing cost. The same loan at 3.5% (4.05APR) would provide a rebate of 2% or $7,000 to cover closing cost and fees. In this example the borrower could get $7,000 to cover closing cost at rate of 3.5% verses $3,500 at 3.25%. The difference in payment is $48 per month.

BRE Licence# 01883363 Licenced by the California Dept. of Real Estate.

Interest rates are subject to change without notice.

Call Mark Gallagher today directly on his personal cell at (949) 540-2300 to schedule your FREE in-home consultation.

Mark Gallagher is a broker associate of Park Place Real Estate Company
CalBRE License Number 01883363 Licensed by the California Bureau of Real Estate.
NMLS Unique Identifier 397815