How can I save on closing costs?

Experience shows that closing costs, average 2 to 3 percent of the home purchase price. Ways to save include:  * Negotiate with the seller to pay all or part of the closing costs.  * Obtain a no-point loan. The trade-off is a higher interest rate on the loan and many of these loans have prepayment penalties.  * Get a no-fee loan. Typically these fees are wrapped into a higher interest rate though it will save you on the amount of cash you need upfront.  And most importantly,  * Shop around for the best loan deal. Each direct lender and each mortgage brokerage has his or her own fee structure. Call around before submitting your final loan application.

Leave a Reply