Closing costs when buying a Dayton Ohio home can be reduced with a little extra know-how. Here are four tips for lowering closing costs when buying a Dayton Ohio home to grant you optimal savings:
Schedule Closing for the End of the Month
Interest, taxes, and association dues can be minimized if you schedule closing for the end of the month. If you close at the beginning of the month, you’ll have to pay more prepaid interest upfront than you would if you close the deal at the end of the month.
Scrutinize the Loan Estimate
The loan estimate lists a lot of fees and expenses that most homeowners just trust are correct. However, you can save money by going through each item and asking the lender what it covers and why it costs so much. Watch for fees that have different names but are virtually the same thing as well. Some lenders will try charging borrowers twice for the same expense.
Ask the Seller to Contribute Up to 6% of the Sales Price
Another way to lower closing costs that will benefit both you and the seller is to ask the seller to contribute up to 6% of the sales price. This is beneficial for the seller because they can get a tax deduction by paying part of the sales price. Then again, not all lenders allow sellers to receive a closing cost credit, so check with the lender first.
Consult with an Exclusive Buyer’s Agent
Looking over the loan estimate can be challenging, especially if you don’t like negotiating. Fortunately, an exclusive buyer’s agent is a real estate professional who can effectively represent you during the real estate transaction. You will have an easier time lowering closing costs with an exclusive buyer’s agent on your side.
You can lower the closing costs when buying a Dayton Ohio home by implementing the four tips listed above. To ease the stress of the process, it’s a good idea to consult with an exclusive buyer’s agent like Buyer’s Corner Realty. We only represent the best interest of home buyers 100% of the time, and will work hard to get you the best deal on your home and the closing costs when buying a Dayton Ohio home. Call us today for more information at 937-433-6838.
You can find more articles pertaining to buying a Dayton Ohio home in our Dayton Ohio Home Buying Tips and Dayton Ohio Homes for Sale sections of our site below Dayton Ohio Real Estate Categories in the column to your right.