How to calculate your rebate
*Our program includes a Realtor commission rebate plus a $1,500 Lender Credit from Planet Home Lending. These funds can be applied towards your closing costs and prepaids at the closing of your loan. Most of our clients are able to take advantage of both the Realtor Rebate and Lender Credit, but there may be very limited circumstances in which we are unable to offer both the Realtor rebate and the Lender Credit. We will do our best to inform you as soon as possible if your eligibility for either the Realtor rebate or Lender Credit is in question. Our calculator shows BOTH credits combined, but does not display the exact rebate because that will depend on your agent’s actual commission, which will vary by property. The calculator shows 27% of an assumed 2.8% commission, but the commission could be higher or lower, which will impact your total rebate.
- The precise way to calculate your rebate is to multiply the agent’s commission by a percentage. You’ll receive 27% of the agent’s commission (Colorado) as a rebate, or 25% of the agent’s commission (all other states with a participating Realtor) as a rebate, according to the agent’s commission rate as determined by the seller’s listing agent. You will also receive a lender credit that is the same in all states ($1,500) if your mortgage is with Seth Erickson at Planet Home Lending.
- Commission averages by state (by sales price):
- CO: 2.5% – 2.8%
- CA: 2% – 2.5%
- FL: 2.5% – 3%
- TX: 2.8% – 3%
- VA: 2.5% to 2.8%
- The 1% listing commission program is applicable only to homes sold in the Denver Metro Area, through David Lampe, Thomas Grant or Kimberly Welch at The Principal Team or Tori Whittaker or Troy Mackey at Colorado Home Realty.
IMPORTANT: We cannot guarantee that you will qualify for a mortgage and/or be able to purchase a home. Front Range Heroes does not lend or provide mortgages. You will need to have a discussion with your lender and obtain loan pre-approval, at which time these rebates will be disclosed in an estimate, along with all the proper disclosures required by law.