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The Water Cooler
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<blockquote data-quote="inactive" data-source="post: 2746805" data-attributes="member: 7488"><p>They have to pay off mortgage with the dwelling coverage, as the mortgage company is a named loss payee on the policy and in the terms of the mortgage. Are they upside down? Are they using contents coverage to pay any residual, or padding the ALE to take home some money from that as well? </p><p></p><p>I bought two houses in my life, and once I closed with a check under 1000 bucks, and the other time I brought under 5k. And the latter wasn't a super fancy house but was over 150k purchase price. You can get creative on how to get a house and close cheaply. Talk to a good realtor and good mortgage banker.</p></blockquote><p></p>
[QUOTE="inactive, post: 2746805, member: 7488"] They have to pay off mortgage with the dwelling coverage, as the mortgage company is a named loss payee on the policy and in the terms of the mortgage. Are they upside down? Are they using contents coverage to pay any residual, or padding the ALE to take home some money from that as well? I bought two houses in my life, and once I closed with a check under 1000 bucks, and the other time I brought under 5k. And the latter wasn't a super fancy house but was over 150k purchase price. You can get creative on how to get a house and close cheaply. Talk to a good realtor and good mortgage banker. [/QUOTE]
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