Closing Costs in Brentwood, TN

Closing costs are the various expenses you pay upon the completion of a real estate transaction. Home buyers, especially those purchasing their first home should have a clear idea on what charges to expect aside from the actual price of the property. An excellent realtor can help explain the fees involved when closing a deal and can find ways for you to save money.

The average closing cost of a property is usually 2% to 5% of the property's sale price. Given the median home price of $656,800 in Brentwood, you should expect that your closing cost when buying a home would be in between $13,136 and $32,840. There are also federal, state, and county transfer taxes that are about 0.37% of the home's value. Private mortgage insurance would also be necessary for buyers not paying a 20% downpayment, which costs between 0.5% and 1% of the total loan annually.

Check out our original blog post at https://www.brentwoodtnhome.com/ for more information.

Home Buyers Closing Costs

• Credit Report Fee
• Underwriting Fee
• Loan Origination Fee
• Specialty Loan Fees
• Discount Points
• Appraisal Fee
• Survey and Home Inspection Fees
• Transfer Tax
• Recording Fee
• Title Insurance
• Escrow Fee
• Real Estate Agent Commission

Home Sellers Closing Costs

• Broker’s Commission
• Transfer Taxes
• Recording Fees
• Documentary Stamps on the Deed
• Title Insurance
• Property Taxes

Check out our original blog post at https://www.brentwoodtnhome.com/ for more information.

How to Lower Your Closing Costs

1. Get a Rebate

There are two ways to get a discount when buying a home. The first is by asking a discount from the realtor's commission. Second is by asking the brokerage itself for a rebate which can be done by doing some of the legwork, including visiting the home without a realtor to walk you through the property.

2. Do Your Reseach

You will want a clear idea of what charges are involved when buying or selling a home. Make sure you get a proper breakdown of all charges involved before making a transaction.

3. Check Out Multiple Lenders

There are plenty of brokerage firms offering a variety of real estate products in any given city. You should check out several options available in your area and let them know that you're shopping around. The more lenders you get in touch with, the better your deal is going to be.

4. Delay Your Closing Date

Delay your close date at the end of the month - this helps you save on your insurance cost. By scheduling your closing date towards month-end, you reduce your prepaid or “per diem” interest. The savings is the amount of your interest rate divided by 365 days, then multiply this by the number of days left in the month.

Check out our original blog post at https://www.brentwoodtnhome.com/ for more information.

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