Today I’d like to go over closing costs and some of the options that you have as a home buyer.
Closing costs are the fees associated with the closing of any real estate transaction. The closing point is when the title of the property is transferred from the seller to the buyer. Closing costs are also usually incurred by either the buyer or the seller.
Typically, homebuyers will pay 2% to 5% of the purchase price of their home in closing costs.
When it comes to closing costs, there are several options out there for you. The first and probably most popular is the seller concession, in which the buyer asks the seller to pay a portion or all of their closing costs at settlement.
The second is lender contribution or when the lender takes some points off the mortgage or helps in some way with the costs to close. Remember, this depends on where you are in the country, what kind of loan you have, and what the rules and regulations are – this option is not a guarantee.
When talking about closing costs or the home purchase transaction in general, it’s important to hire the right team to guide you through the process and advise you properly on the best options for you and your specific situation.
If you have any questions about this or anything else related to real estate, give me a call or send me an email, and I’ll answer your question with a video. I look forward to hearing from you!