If you’re buying a home for sale in Lake City, you may be able to lower your closing costs pretty significantly – and that means more money in your pocket that goes toward your home.
Here’s how you can do it.
Related: What are closing costs?
Can You Lower Your Closing Costs?
Typically, closing costs on a home range between 2 and 7 percent of the home’s purchase price. That means if you’re buying a $200,000 home, you’ll pay anywhere from $4,000 to $14,000 in closing costs alone.
The good news is that in many cases, you can negotiate these costs down so they’re more affordable.
Closing costs typically include:
- Real estate commissions
- Attorney’s fees
- Lender fees
- Title search fees
- Title insurance
- Property taxes
- Transfer taxes
- Mortgage insurance
Related: What is private mortgage insurance?
Your lender will give you a loan estimate, which will give you a ballpark figure for your closing costs. You’ll get more exact figures three days before you close on your home, but the loan estimate should give you a pretty good idea on what you’ll be paying.
Some closing costs are nonnegotiable, like title fees and taxes. However, you may be able to negotiate lender fees, title costs and attorney’s fees. It’s up to you to talk to your lender and see where it has wiggle room.
For many people, getting multiple quotes from different lenders is one way to face the closing cost issue head-on. You can let different lenders know that you’re shopping for the best deals and let them handle the rest.
Are You Buying a Home for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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