How To Keep Closing Costs Under Control When Buying A Home

When you've finally found your dream house and start going through the buying process, you'll see that closing costs can quickly rack up quite the bill. There are so many fees such as title insurance and origination fees that can cause headaches and stress. Don't despair - Balboa Realty knows all of the tricks of the trade and is here to guide you in all aspects of Orange County Real Estate and Orange County Property Management. When buying a new home you can actually lower your closing costs by following the advice below.

Look For A Loyalty Program

We know extra unwanted charges are no fun .Banks and financial institutions often have loyalty programs to help with extra closing costs. They usually offer reduced fees or closing cost credits when using them for your homeowners loan. Check with them and ask. Shop around and compare different banks' rates and pick the one you feel most comfortable with.

Military Discount

Are you in the Military, a Veteran, or part of a union? All of these organizations usually offer benefits and discounts when buying a home. Look into their offerings and you just might be pleasantly surprised as to how much you can save.

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End of the Month Closing 

If you want to save some money (who doesn't) remeber to schedule your closing for the end of the month. The cost for prorated items such as taxes, dues and interest are cheaper at the end of the month and can save you serious money.

Adding the Closing Costs Into the Loan

If you have found your dream home, but are short on liquid cash, wrapping the costs into the loan can be your solution. Financial lendors often charge a little more do this, but if you dont have the cash upfront this method lets you get the house you want when you want it.  less out of pocket costs

Ask the Seller to Pay

Although you might not have heard of this option before, this does work for many buyers and sellers. Most financial institutions allow the seller to contribute up to 6% of the housing sale price to the buyer as a credit. It is adventageous for the seller to contribute because it's tax dedictule. You as the buyer might have to pay full price in order to get this to work, but it might be worth it in the long run.

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Published on Friday, February 24, 2017