A term many people are not familiar with until they start to think about buying a home is “closing costs.” Closing costs are essentially more money that you have to scrounge up in order to buy a home, on top of the down payment. This term will come up when you are looking for a loan or making an offer on a home. There are several decisions you can make regarding how you pay your closing costs, and when you pay.

Buyer closing costs include numerous items

There are several different fees and charges that make up buyer closing costs. The fees will all be listed on your Buyers/Borrowers Closing Statement, and you can ask any remaining questions during closing. The closing meeting is kind of a whirlwind because there are so many documents to sign and discuss. Oftentimes people go through each document line by line with their buyer’s agent before the meeting. Here’s what to look for in your closing costs:

Appraisal Fees

Fee for the Credit Report

Interest associated with your loan

Home Owner’s insurance (1 year up front)

Property Taxes (1 year up front)

Closing Fee to Title Company

Title Charges (owner and lenders policy)

Water Transfer Fees

Your exclusive buyer’s agent will be able to give you an approximate estimate of the closing costs prior to your offer on the home. That way, you can budget appropriately.
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Most of these fees and charges cannot be reduced. However, you can shop around for home insurance. This can make a big difference in you closing costs.

When are buyer closing costs paid?

Buyer closings costs are paid at the closing meeting. They will be included as a lump sum along with your down payment.

There are various ways to pay your closing costs.

You can pay your own closing costs, or, another alternative is to ask the seller to pay them. You will make this decision at offer time.

If you ask the seller to pay closing costs it generally increases the sale price of the home by the same amount. For example, you could offer $220,000 on a home and pay your own closing costs of approximately $5,000. Or, you can offer $225,000 on the same home, and ask the seller to pay your closing costs.

Both options have pros and cons

A big positive is that you will not have to have the cash for these fees at your closing meeting. A negative is that you will be paying interest on your closing costs.

Pros to paying the costs yourself at closing: When you pay in “cash”, you don’t have to worry about getting a bigger loan to finance these costs. Cons: You will need to budget for these costs along with costs to move, any repairs that need to be made to the home before moving in, and down payment.

Make sure to include your closing cost estimate when you are developing your budget for a home. Depending on what kinds of funds you have available, it will make a big impact on the price you pay for your home.

Looking to find the best way to save onbuyer closing costs? Find the best advice on closing costs with the help of an exclusive buyers agent.