Have you ever wondered what is Closing Cost and why you pay them when buying real estate?
This video explains exactly that.
3 Ways to Save on your Closing cost
1: Shop around for your mortgage.
While some closing costs are standard, different lenders have different rates on some fees. This means your overall closing costs can vary depending on the lender you choose. Always ask your lender for a buyer's estimated cost sheet.
2: Ask the Seller to Contribute
A strong buyer's agent like David Johnson from the Long Island Queens Home Team can negotiate for the seller to contribute to your closing cost. This strategy is most effective in a BUYER'S MARKET.
3: Don't pay for points while interest rates are low
Paying down points was an effective way of lowering your monthly payments when interest rates were as high as 17% years ago. However, the low-interest rates that we are experiencing in today's market may not make it worth paying extra to lower your interest rates.