Closing Costs

Closing costs are the various fees a home buyer or seller has to pay to complete a real estate transaction. These expenses are an essential consideration before you finalize a home purchase. If you plan to work with a real estate professional, you will want to familiarize yourself with the various charges involved in real estate deals in the city of Rochester Hills, Michigan. If you are a first-time buyer or seller, it is essential to note that closing costs are not set in stone and you will want to ask a trustworthy real estate professional about these charges. Feel free to give me a call at 919-452-6484 or send me an email at bkirksey@ethos-realestate.com, and I'll be happy to help you with your real estate questions.

Check out our original blog post at https://ethos-realestate.com/ for more information.

Home Buyers Closing Costs

• Mortgage Costs
• Property Taxes
• Title Service Fees
• Title Insurance
• Recording Charges

Home Sellers Closing Costs

• Owner’s Title Policy
• Transfer Tax
• Deed Preparation Fee
• Broker Commissions and Fees

Check out our original blog post at https://ethos-realestate.com/ for more information. 

Tips on Lowering Your Closing Cost

1. First-Time Home Buyer Programs

Banks typically provide a first-time home buyer program to help new homeowners in buying their first property. There may be subsidies you qualify for, so it's a good idea to ask about these deals when you're looking for a mortgage plan.

2. Rebate on Broker's Commission

There are various rebates offered by different brokers in a particular area. Many of these companies provide discounts if you are willing to do some of the work yourself. A good example is visiting a home you would like to buy without the presence of a realtor. 

3. Research Charges

You'll want to familiarize yourself with the various fees involved in a real estate transaction in your area. There are multiple guides and blogs available online that will give you information, but it's best to ask your realtor first to get a baseline idea.

4. Get in Touch with Multiple Lenders

The more lenders you ask about a loan, the better the deal you're probably going to get. Checking out multiple lenders and letting them know that you are shopping around is an excellent idea for any home buyer looking to save money on their purchase. 

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

The last tip is to set your closing date at the end of the month to save on the per diem interest on your purchase. This fee is priced based on the number of days remaining in the month, meaning you can save money on it if you end the deal close to the start of the next month.

Check out our original blog post at https://ethos-realestate.com/ for more information.