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/Program Fee of $1,295. This Program Fee includes our Trio Success Program and protects you in the event of a hardship (including pandemics like COVID-19), as well as an included warranty for your new home. So, for a home price of $250,000 – your fees total $3,795.
It gets better though – $400 of these fees can be credited back to you if you use a Trio Preferred Agent or Loan Officer. If you select a home with an HOA, those fees would be your responsibility as well, although they are not fees charged by Trio. Don’t worry, you won’t be shocked by any surprise fees as Trio gives you an estimate before you sign your lease that includes all amounts specific to your contract.
*This assumes a full 3% seller credit on your contract. Home Prices above $400,000 require a 2% down payment 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.