Closing costs help facilitate the sale of a home and both buyers and sellers pitch in. Some closing costs can be paid before the home is officially sold and others are paid at the end. However, closing costs aren’t set into stone and they can be negotiable. You can ask your real estate agent or lender with help in estimating your actual closing costs. Look over everything to make sure all the numbers are right and then you plan accordingly in how you’re going to lower them.
Loyalty Programs – Some banks offer assistance to buyers when they use them to help pay for the purchase. It’s a way for a bank to reward loyal customers.
Closing at the End of the Month – Schedule your closing at the end of the month so you don’t have to pay the per diem interest for so many days.
Get Multiple Quotes – Get estimates from different lenders because you’re looking for the best package of closing costs and interest rates. There might be something better out there.
Junk Fees – There may be some fees a lender charges that may be negotiable, such as origination fee, processing fee, or application fee. Make sure to ask if what you are being quoted is the best they can offer.
Title Costs – Sometimes title insurance and settlement are bundled together. You may be able to find a title and settlement company that is less expensive.
Negotiate With the Seller – You can try to negotiate with the seller in paying for some of your closing costs. Buyers can ask for credit or to cover lender expenses during the offer and negotiation process.