This article is brought to you by Realty Times. This excerpt is provided to offer you great information on how you can save money on closing costs. When you are a first time home buyer, or at anytime, learning these tips is smart and places you in the know. Read the full article at: https://realtytimes.com/archives/item/1036472-how-to-save-money-on-closing-costs?rtmpage=
“When it comes to buying your first home, are there two words that are more unpleasant and unwelcome than “down payment?” How about “closing costs?” That’s because first-timer buyers are often surprised by this expense, or at least confused about how much they will need to pay.
Additionally, buyers may not understand that some of the fees under the closing costs umbrella are not set in stone. Yes, there are ways to save money on closing costs. We’re breaking down the potential savings.”
What are closing costs:
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Know you can Negotiate:
Close Late in the Month:
Request that the Seller pay the Closing Costs:
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“Other things to look out for
Certain type of loans will have separate costs involved like an upfront mortgage insurance premium of 1.75% for FHA loans or a VA funding fee as high as 3.6%. These are not negotiable fees, but they may help you determine which loan is right for you and how much of a down payment you want to come up with. Remember that, for FHA and most conventional loans, you will also pay a monthly mortgage insurance premium.
All told, you can “save hundreds of dollars, even thousands, by understanding how you to save on closing costs,” said HSH. “That money could be better spent going into your home, as opposed to on your home loan.”
Article provided by Realty Times. Feature Photo provided by Realty Times.