I would always allocate any credits towards closing costs over a price reduction, if you want to save the most money every month and in the long run
A closing cost credit will go a lot further if you use it to pay your closing costs, buy down your interest rate well below market, or buy out the pmi!
10k towards the price maybe saves you 60-100 a month on the payment and a few hundred to a thousand or so in down payment
Where a closing cost credit gets you a dollar for dollar savings in out of pocket expenses, and can be used to reduce your payment much more
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