How Much?
How much is a ClosingGrant?
“I alone cannot change the world, but I can cast a stone across the waters to create many ripples.”
There are two types of ClosingGrants. The formulas are:
1. The Mortgage ClosingGrant: “Mortgage Amount Multiplied by 1%”
The amount of a borrower’s mortgage determines the amount of the ClosingGrant. One percent of the mortgage is the amount of the mortgage ClosingGrant.
Example:
| If the purchase price of a home or property is, for example: | $500,000 |
| And the amount of the buyer’s mortgage to purchase that property will be, for example: | $450,000 |
| 1% of that mortgage amount is: | $4,500 |
| Thus the ClosingGrant amount is: | $4,500 |
There are no additional fees or calculations.
2. The Brokerage ClosingGrant
A real estate Brokerage ClosingGrant equates to 20% of the real estate agent’s standard fee.
Using the same $500,000 home from the example above:
| $500,000 | Home price |
| 3% | The local agent’s normal commission rate for their representation, as an example. (All agent commission rates vary from agent to agent, nationwide.) |
| 0.6% | 20% of 3% = 0.6 |
| 2.4% | 3.0 − 0.6 = 2.4%. This is the new commission rate (80% of 3% is 2.4%). |
This 20% reduction in fees is pre-negotiated for you, by us, in advance. All agents inside the ClosingGrants network offer a 20% reduction of their normal fee.
$3,000 — A $500,000 home sale price multiplied by the 0.6% discounted commission yields the amount of the ClosingGrant. In this example: $3,000.
$7,500 is the combined ClosingGrant in this example when using both an “in network” real estate agent and loan officer.
Can two ClosingGrants be obtained?
Yes, anyone can obtain two ClosingGrants when leveraging both the mortgage and the brokerage options explained above.
What is the cost?
Sponsoring organizations—corporations, universities, municipalities, unions, non-profits, etc.—can make ClosingGrants available to everyone with little to no investment from the organization.
How?
“Onboarding took us less than 15 minutes. There are no contracts to sign, no long term commitments, and very little staff time to implement. There are no maintenance costs or burdens on staff time to implement. The return on our investment is literally immeasurable. It is all upside.”
We will craft a graphic image and a landing page for you to utilize inside your benefits portal. Whatever works for you we can build. Usually within two days.