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3 Ways to Reduce Your Closing Costs
Manage episode 182805337 series 1331864
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Is there any way to lower closing costs? There are three different strategies that you can use.
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Unfortunately, closing costs generally are what they are. However, you can shop around with different closing attorneys and lenders to determine what their rates are. Whenever you talk to a lender, I recommend asking for a good faith estimate. That way, you can determine what their fees and rates are. Then, you can compare apples to apples.
While you may not be able to reduce the closing costs themselves, we do have three strategies you can use to reduce the amount of money you have to pay out of pocket:
1. Close on the home toward the end of the month. Doing so will reduce the interim interest you would pay on the closing. Let’s say you closed on the 25th of June. You would owe interim interest from the 25th to the 30th of the month. Plus, instead of having to make a July payment, you wouldn’t have to make a payment until August. Basically, closing toward the end of the month reduces the amount you have to pay out of pocket.
Your agent can negotiate for the seller to cover a portion of the closing costs.
3. Ask the lender to wrap the closing costs into your mortgage. This option could increase the interest rate on your mortgage as well as your mortgage fees, but you would still reduce the amount that you have to pay out of pocket.
If you have any questions about these strategies or would like to learn more about buying a home, give me a call or send me an email. I would be happy to help you!
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