BuySmart
Connection
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- Realtor Credit's
- Seller Credit's
- Lender Credit's
- Realtor Credits
- Lender Credits
- Seller Credits.
Pros
- Significant Cost Savings: Receive 25% of the buyer’s agent commission as a closing credit, reducing out-of-pocket expenses
- Expert Negotiators: Preferred agents are highly skilled in negotiating seller-paid closing costs, adding potential savings.
- Lender Credit Options: Flexibility to further reduce closing costs by choosing a rate that includes lender credits.
- Simple Connection Process: A pre-approval with Lendexa Mortgage LLC gives access to qualified agents committed to helping you save.
Cons
- Geographic Availability: Realtor Credits are only available in Florida and Georgia.
- Restrictions on Existing Agents: Buyers who have already signed an agency agreement with a real estate agent are not eligible for the credit.
- Dependent on Agent Participation: If you have an existing agent, they may choose not to participate in the program.
- No Guarantee of Credit: Credit is only available if the seller is paying the buyer’s agent’s commission; otherwise, the agent’s fee is reduced instead
Benefits
- 2% forgivable grant included - totaling to a 3% down payment!
- Low Mortgage Insurance Options
- Fast close – 21 days from contract to keys
- Available to ALL Buyers - Not just First-Timers!
Eligibility
- Minimum 1% down payment
- $350,000 Maximum Loan Amount
- Minimum credit score of 620
- 80% Area Median Income Limit
Avoid Closing Costs
Avoid Closing Costs
Avoid Closing Costs
avoid Closing Costs
Unsure about your current mortgage or refinancing options? Our experts are here to provide a second opinion and help you make an informed decision.
Lendexa confidently offers our $1,000 Lowest rate & fees guarantee. We’ve thoroughly checked out our competitors and know we’ve got the best deal. With our top-notch mortgage platform, we search through our best lenders to find you the cheapest rates and fees. Plus, we simply earn less on each loan. We might not make as much on each deal, but we make up for it by doing lots of loans. Our special, low-cost way of doing business makes us different from other lenders. That’s why we have such low rates, and that’s why we’re happy to offer our $1,000 Lowest Rate & Fees Guarantee. Other banks, credit unions, and mortgage companies won’t promise they have the lowest rates and fees because they know they don’t.
Offer expires August 31, 2024
What is the BuySmart Connection Program?
At Lendexa Mortgage LLC, we understand the importance of reducing closing costs.
Through our Buy-Smart Connection Program, eligible buyers can request a real estate agent in the area they are looking to purchase a home. Our preferred agents are skilled with regards to negotiating seller paid closing costs.
As an added bonus, in Florida and Georgia, you may receive a realtor credit from our preferred agents.
Realtor Credits are not eligible through this program in North Carolina and South Carolina
How to Reduce Closing Costs?
Here are three common ways to lower closing costs:
- Seller-Paid Closing Costs: Our preferred agents are skilled negotiators who work diligently to secure seller-paid closing costs whenever possible, helping to reduce financial strain on buyers at closing.
- Lender Credits: By choosing a higher interest rate, borrowers may qualify for lender credits that can be applied toward closing costs. This option reduces initial expenses with a slight increase in monthly payments.
- Realtor Credits: In Florida and Georgia, our preferred agents will provide a credit equivalent to 25% of their commission toward closing costs at closing, provided the seller pays the buyer’s agent commission. If the buyer is responsible for the agent's commission, the agent will reduce their fee by 25% to help alleviate the cost.
Example: Realtor Credits in Action
Here’s an example to clarify the realtor credit:
Imagine you’re purchasing a $400,000 home in Florida. A typical buyer’s agent might receive a 3% commission from the seller, which amounts to $12,000. Through our Closing Cost Credit Connect program, your agent would contribute 25% of their commission, or $3,000, toward your closing costs (As long as the seller is paying the buyer’s agent commission).
If, instead, you as the buyer are covering the agent’s commission, the agent would reduce their commission by 25% to help offset your costs. In this case, rather than paying $12,000, you would pay $9,000 in commission, saving you $3,000.
*Note: If lender credits and seller credits are already paying your entire closing costs, the realtor credit may be reduced or eliminated at their sole discretion.
*The Real Estate Agent is not required to reduce franchise fee’s, transaction fee’s or reimbursement’s that you have agreed to.
Eligibility Requirements
To qualify for the Realtor Credit portion of the Closing Cost Credit Connect program, buyers must meet the following criteria:
- Must be purchasing a home in Florida or Georgia.
- You have not yet chosen a real estate agent or entered into a buyer’s agency agreement.
Once pre-approved by Lendexa Mortgage LLC, we will connect you with a preferred agent in your area. If you already have an agent in Florida or Georgia, we can discuss the program with them at your request.
We work with great agents! If you have an agent in North Carolina or South Carolina, we’re happy to refer you to one of our trusted agents. They will provide you with expert guidance and work hard to negotiate the best terms possible for your next purchase.
Important Notes
- Purchase Price: The property must appraise at or above the purchase price for lender credits, seller-paid closing costs, and realtor compensation to remain in effect. If it does not, these amounts may be subject to change.
- Loan Terms: The appraised value may affect the purchase price or loan amount which in turn can affect the amount of credits you are receiving.
- No Kickbacks or Hidden Fees: The referral to our preferred agents does not result in kickbacks or increased costs. The purpose is solely to match buyers with capable agents and help reduce closing costs.
Frequently Asked Questions
This program connects eligible buyers with preferred agents within the markets we operate. Our agents will make all efforts to negotiate seller-paid closing costs where possible. Preferred Agents that we connect you with, in Florida and Georgia, will provide realtor credit towards your closing costs unless lender credits and seller credits already have it covered.
All home buyers who do not currently have a real estate or buyers agency agreement already.
Realtor credits are only available in Florida and Georgia.
No, there are no kickbacks or hidden fees. The program is designed solely to connect buyers with capable agents and help reduce closing costs.
If you already have a real estate agent, you are not eligible for a realtor credit through this program. However, if you already have a realtor and are purchasing in Florida or Georgia, we can, at your request, discuss the program with your agent and see if they would like to participate; starting with your transaction. There is no guarantee that an existing agent will join the program.
Yes, you can combine seller-paid closing costs, lender credits, and realtor credits to help reduce your closing costs. However, the total amount of these credits cannot exceed your actual closing costs or the program maximum percentage of interested party contributions allowed. If there’s any excess, it may be used to buy down the interest rate or cover other eligible closing expenses, such as a home warranty.
Potentially, as each type of credit has trade-offs. For example, lender credits usually come with a higher interest rate, which may increase your monthly payments slightly. Additionally, seller-paid closing costs or realtor credits may sometimes involve negotiations that affect the purchase price. The goal of this program is to help reduce your immediate closing costs, but it’s essential to consider the long-term impact as well.
No, you are not required to use Lendexa Mortgage LLC as your lender to receive the realtor credit. However, we will only make a referral to a participating realtor once your loan has been pre-approved by Lendexa. If you are using a different lender, it’s at the participating realtor’s discretion whether to offer the credit.
Contact Lendexa if you have questions or would like to better understand the specific requirements for the Closing Cost Credit Connect Program.
Take the Next Step with Lendexa Mortgage
Our team at Lendexa Mortgage is here to guide you every step of the way. Start your Lendexa mortgage application online or contact us today to discuss your homeownership goals and learn more about how the 1% Down Payment Loan could be the key to unlocking your dream home.
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Get your instant rate quote.
- No commitment
- No impact on your credit score
- Fast and easy
- No documents required
Connect with
Preferred Agents
Finding the right agent can be challenging. To assist you, we’ve compiled some questions to better help us select a preferred agent with your best interests in mind. Complete the below questionnaire and we will start working on finding someone in your desired area. Once we issue the pre-approval we will introduce you to our recommended agent or provide you options if you so choose.
Terms and Conditions
Term and Conditions
We’ve simplified the key points to answer your most common questions and ensure everything is clear and transparent. We are always just a phone call away for further clarity.
Thank you for your interest in Lendexa Mortgage LLC’s Closing Cost Credit Connect Program. The following terms outline the eligibility, benefits, and limitations of the program. By participating, you agree to these terms:
Program Overview
1. Realtor Credit: In Florida and Georgia, clients who work with one of our preferred agents will receive a closing cost credit equal to 25% of the buyer’s agent commission. This credit is contingent on the seller paying the agent’s commission and only required if Lendexa Mortgage LLC refers you to the agent after the pre-approval is completed.
2. Agent Fee Reduction:If the buyer is responsible for the buyers agent’s commission, our preferred agents in Florida and Georgia will reduce their commission by 25% to help offset closing costs if Lendexa Mortgage LLC refer. you to. theagent after the pre-approval is completed.
3. Negotiated Seller-Paid Costs:In all states where Lendexa Mortgage LLC operates (Florida, Georgia, North Carolina, and South Carolina), our preferred agents are experienced negotiators who strive to secure seller-paid closing costs on behalf of buyers when possible, potentially reducing the funds needed at closing.
4. Lender Credits: Additional lender credits may be available based on the interest rate chosen, which can further help to offset closing costs. We offer personalized online rates. Get an online quote to see which rates result in lender credits and choose one that best suites your needs.
Eligibility Requirements
1. Location: Realtor credits through this program are only available to clients purchasing a property in Florida or Georgia and where we are able to succesfuly source an agent who is willing to participate in the pogram.
2. Agent Status: Clients who already have an agent or have entered into a buyer’s agency agreement are not eligible for realtor credits through this program. It is up to you to negotiate terms with that agent.
3. Pre-Approval Requirement: Lendexa Mortgage LLC will connect clients with a preferred agent only after the client has completed pre-approval with Lendexa Mortgage LLC.
4. Existing Agent Option: If a client in Florida or Georgia has an existing agent, they may request that Lendexa Mortgage LLC reach out to see if the agent is interested in participating in the program. Lendexa makes best efforts to work with agents who agree to participate and may refer clients back to those agents on future transactions if a client is in need of an agent in that area.
5. No Obligation:Clients are not required to use Lendexa Mortgage LLC for their mortgage to participate in the program. They may choose their lender and still receive realtor credits where applicable but that decision is soley up to the agent that your working with.
Important Disclsoures
1. No Guarantee of Credit: Realtor credits are not guaranteed and are provided at the discretion of the agent. Credits are only available if the seller is paying the buyer’s agent commission. If the seller is not covering the commission, the agent may reduce their rate by 25% instead.
2. Not Available in North Carolina or South Carolina: Realtor credits are not offered in North Carolina or South Carolina. While clients in these states are not eligible for realtor credits, our preferred agents are available to help negotiate seller-paid closing costs where possible.
3. Nothing is Free: Credits and concessions under this program are structured to assist in covering closing costs. However, these savings may impact other aspects of the transaction. For example:
- Lender Credits: Choosing a lender credit generally results in a higher interest rate, which may lead to a slightly higher monthly payment over time.
- Seller-Paid Closing Costs: Negotiating seller-paid costs may influence the final purchase price.
- Realtor Credits: These are often drawn from the agent’s commission, which is usually paid out of the seller’s proceeds and may impact the overall negotiation.
4. Compliance with RESPA: This program complies with RESPA guidelines. No kickbacks or unearned fees are involved, and Lendexa Mortgage LLC does not receive compensation from agents participating in this program. The primary purpose of the program is to connect clients with agents who can help them save on closing costs.
5. Appraisal Requirement: All transactions that are subject to an appraisal. If the property appraisal does not support the purchase price the amount of seller credits or realtor credits may change accordingly. If your loan amount changes at any point as the result of the appraised value or any other reason, the lender credits will adjust accordingly to the new structure/terms. of the loan. The credits and any negotiated seller-paid closing costs may be subject to change.
6. Total Credit Limits: The combination of realtor credits, seller-paid closing costs, and lender credits cannot exceed the actual closing costs. In cases where credits exceed these costs, Lendexa Mortgage LLC may suggest applying excess funds to buy down the interest rate, this will reduce the monthly payments and make use of the credits or we may suggest covering additional closing expenses like the purchase of a home warranty.
7. Program Limitations: Different loan programs cap the amount of interested party contributions. Interested party contributions are lender credits, realtor credits and or seller credits. Where the program limit is is less than the closing costs, you would still be responsible to pay the difference in credits and closing costs. You cannot get more credit than the program allows.
7. Program Modifications: Lendexa Mortgage LLC reserves the right to modify or discontinue the program at any time, including adjustments to credit percentages or eligibility requirements.
Acceptance and Acknowledgment
By participating in the Closing Cost Credit Connect Program, you acknowledge that you understand the terms and benefits of the program. Realtor credits, seller-paid costs, and lender credits provided through this program are intended to help reduce closing costs as negotiated by our preferred agents. However, you understand that these credits may affect other areas of the transaction and are not free of potential cost impacts.
All information is deemed reliable but not guaranteed. Neither mortgage company or website company shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Information is subject to change without notice. This is not an offer for an extension of credit or a commitment to lend. Lendexa Mortgage LLC is a Mortgage Broker and not empowered to lend. All loans are arranged through third party lenders. Always ask your loan officer for an official Loan Estimate. Rates are subject to change without notice. Credits of any kind are never guaranteed. We are simply making a best effort to negotiate on your behalf with capable agents in your market.
Please Contact Lendexa Mortgage LLC if you have any questions or need further clarification regarding these terms.
F. A. Q's
F. A. Q's
Frequently Asked Questions
Buying a home or refinancing your mortgage can be a complex process. To help you navigate it, we’ve compiled answers to some of the most common questions about mortgages.
Lendexa is the mortgage marketplace that finds mortgages as unique as today’s homeowners. We've developed advanced technology that searches well beyond the confines of most lenders to find mortgage options perfectly suited to you. The best part? You'll only enter your information once and get rates from a list of great lenders. Lendexa is everything you need, in one place.
With our advanced technology, you’ll enter your information once and get rates from a list of great lenders. Then, you'll select a loan to move forward with, track your application progress, and close on your mortgage
Lendexa is the mortgage marketplace that finds mortgages as unique as today’s homeowners. We've developed advanced technology that searches well beyond the confines of most lenders to find mortgage options perfectly suited to you. The best part? You'll only enter your information once and get rates from a list of great lenders. Lendexa is everything you need, in one place.
Lendexa currently offers a variety of both adjustable and fixed rate loans for single-family homes (including condos, townhouses, co-ops, and planned unit development) and multi family homes (up to 4 units). We offer both purchase and refinance loans.
There isn't a perfect lender for everyone. We recognize that you're an individual with your own unique story, and we search high and low to find you the best lender. We use technology to keep our costs drastically lower than traditional mortgage companies, and then pass on those savings to you. Our mission is to help you get the best possible mortgage at the best possible rate.
When you lock your rate, we guarantee your rate won't change for a certain period of time no matter what happens in the market. This gives you peace of mind while we work to gather all of your information and get you to the finish line.
Yes! At Lendexa, we want to help you navigate this complicated process. If you're ready to get pre-approved to buy a home, we can help you understand how much you can afford.
Lendexa offers two types of refinance loans: Rate & Term and Cash Out. In a Rate & Term refinance transaction, the borrower seeks to lower their monthly payment and/or change the term of their existing loan. A Cash Out refinance allows you to increase the size of your loan, and extract equity out of your home which you can then use for other purposes.
Yes, we built privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
Yes, we built privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
All other things equal, lenders are willing to lend at a lower rate when you have a higher credit score. That said, if your credit score is lower than you thought or hoped, we're here to help you find the best possible loan for your particular circumstances.
An appraisal is an expert opinion of the value of a property based its location, condition, and specific attributes. Appraisals are conducted by independent real estate professionals, and are used to establish the current market value of the property.
