If the thought of a down payment and a mortgage has a tendency to spike your heart rate, you can take a deep breath. When you finance with Trio, there is no down payment required……that ellipses was for you to express your vocal reaction, which was likely at a robust volume. You read it right. Now keep reading; it gets even better.
You’ll pay just 1% of the home price in what’s called an inception fee (similar to loan origination fee), and an underwriting fee of $655. Our Trio Success Program Contribution is just $225 per $100k in home value and protects you in the event of a hardship (including pandemics like COVID-19). Instead of forking over cash for a security deposit, you’ll make a $400 contribution toward the care and included warranty for your new home AND it can be credited back to you if you use a Trio Preferred Agent. You won’t be shocked by any surprise fees as Trio gives you an estimate before you sign your lease.
*Home prices above $400,000 include a 2% high balance financing fee that gets credited to your future purchase. In some cases, last month’s payment may be required due to underwriting guidelines.
Trio is much less than a mortgage, but you still have to pay the typical home purchase costs – for a home inspection and an appraisal if your negotiated home price doesn’t match appraised value.
Just like with any other home purchase, you have to fund the earnest money that is typically 1% of the home price. These funds are a deposit for the seller confirming you are serious about closing. When Trio accepts the home and you sign your lease, these funds are credited to you and offset your Trio move-in costs.
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