Closing Costs

Closing costs are the various fees you have to pay when you close the deal in a real estate transaction. It is essential to consider these charges when budgeting for a home purchase or sale. Although typically shouldered by the buyer, these charges are open to negotiation. You'll want to discuss these expenses with your realtor, especially if it is your first time buying a home.

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

Home Buyers Closing Costs

• Transfer Fees
• Lenders Fees
• Origination Fee
• Credit Reports
• Flood Certification
• Condo Verification
• Tax Service
• Appraisal Fee
• Inspection Fees
• Title Company Fees
• Settlement/Closing Fee
• Title Examination
• Document Preparation
• Title Insurance
• Escrows

Home Sellers Closing Costs

• Property Transfer and Recordation Charges
• Broker Commissions
• Prorations and Adjustments
• Association Resale Packages
• Maryland Non-Resident Withholding Tax
• Title Transfers and Mortgage Releases

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

Tips on Lowering Your Closing Cost

1. Rebate on Broker's Commission

There are several discounts offered by different real estate brokerages. You'll want to ask them directly about these and see which ones you can avail. A common way to get a rebate is by visiting a property you like by yourself; you can ask a discount on the commission a realtor would get if they showed you a listing.

2. Research Your Closing Costs

You'll want to research the various closing costs offered by different companies in your area. They usually have different names associated with their fees, and you will want a clear explanation about every charge. If you identify any costs you can save some money, or it can be done yourself, you should go ahead and take the savings.

3. Talk to Multiple Lenders

If you plan to get a mortgage for your home purchase, you will want to talk with different lenders in your area. Let your bank know that you are shopping around and you are more likely to get a better deal than if you stick to the first company you talk to.

4. Set Your Closing Date Towards the End of the Month

This discount involves the charges you pay for the pre-paid daily insurance charges. This expense is based on the number of days of the month. If you close the deal near the end, you can save some money on the first payment you'll be making on your per diem payments.

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

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Let Me Help You Find Your Pasadena, MD Home!

If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at 443-992-5700.