Tampa, FL Closing Costs

Closing Costs

Closing Costs are the various fees you have to pay when finalizing a real estate transaction. There are many costs involved at the end of your deal, and it's essential to understand what these are and the reason you're paying for them. If you're a home buyer and you're looking for ways to save on your purchase, negotiating some of these closing costs and having the seller pay them is a great way to reduce your overall payment. Our team can walk you through the various closing costs involved when buying a home in South Tampa.

Check out our original blog post at https://yoursouthtampahome.com/.

Closing Costs for Home Buyers

• Appraisal Fee (If Financing)
• Credit Report Fees
• Financing Fees (e.g., Loan Origination Fee)
• Home Inspection Fee (Generally Paid Before Closing)
• Lender’s Title Insurance (If Financing)
• Settlement Fee
• Survey Fee
• Title Search Fee

Closing Costs for Home Sellers

• Miscellaneous Costs
• Mortgage Payoff
• Prepayment Penalty
• Recording Fees
• Settlement Fee
• Title Insurance
• Title Search
• Transfer Tax

Check out our original blog post at https://yoursouthtampahome.com/.

Lowering Your Closing Costs

There are several ways you can lower the overall closing costs of your real estate purchase. We've compiled a list of some of the best ways you can negotiate better rates for the various fees involved when finalizing your real estate transaction.

1. Some banks may offer a Bank Loyalty Program as incentives or rewards for choosing to finance with them. Try to inquire with various branches to find a good deal for your purchase.
2. Close your deal at the end of the month to save some money on your per diem interest payments, which are typically charged on a daily rate, which can be higher if you close the deal at the start or middle of the month.
3. Get an FHA Loan, which is a government-backed mortgage for those with lower income.
4. See if you can include your closing costs into your home loan, you can also try to find a no-closing-cost mortgage wherein the lender covers the fees.
5. Lastly, as mentioned before, you can discuss with the seller if they are willing to shoulder some or all of the closing costs when negotiating the deal.

Check out our original blog post at https://yoursouthtampahome.com/.