3 WAYS TO Lower Closing Costs

If you’re concerned about closing costs adding up, there are steps you can take to help ease some of the burden. In addition to shopping around for insurance or negotiating attorney fees, keep these strategies in mind:

1. Compare lenders.

By getting mortgage approvals and loan estimates from more than one lender, you can compare different lender’s fees. You can use this information to ask questions of potential lenders and try to negotiate things like closing or escrow agent fees and loan origination fees

2. Ask the seller to contribute.

Depending on where you want to live and other factors surrounding your purchase, you may be able to get the sellers to pay for some of your closing costs.

3. Explore rebates or incentives.

Some banks may offer rebates for eligible borrowers or first-time homebuyers. It’s worth asking about these possibilities when you’re shopping around for a mortgage lender.

TIP: Many people do not know they can obtain pre-qualifications from multiple lenders within a 45-day period without harm to their credit.