Closing costs are the fees incurred in obtaining a loan. Depending on the purchase price of your home and the type of loan you get, you may have the option of negotiating to have the seller pay for part or all of your closing costs.
With most types of loans, you can request that up to 3% of the price of the home be paid in closing costs. Closing costs go towards covering your title policy, loan officer origination fees, buying down your interest rates, or pre-paying the insurance for the first year of your home. Really, there’s a LOT that can be covered!
A lender I often work with told me recently that I get closing costs paid for for my clients more often than any other Realtors he works with. Wanting to know the actual numbers, I looked at last year’s data. 87% of my buyers had the seller pay part or all of their closing costs- OR paid less than the listed price on their home!
If you’re interested in avoiding closing costs on your next home purchase- reach out to me! I’d love to help!
