How to reduce cash outlay for closing costs you pay when buying your first home

June 19, 2019

 

Cash Cash Cash...There is never enough of it. This is especially true when you are buying a home, but there are a ways to minimize the amount of cash you need for closing costs.

 

1. Ask the seller to pay your closing costs.  Oftentimes, sellers are willing to contribute

to closing costs, if the buyer makes a good offer on the property.  Most sellers expect to negotiate a little on price, so instead of offering the seller less than full price, offer full price and ask for a few thousand dollars to pay toward closing costs.

 

2. You can find a lender that can price the loan with closing cost credits.  That means that the lender may charge you more interest or fees, but they will give you a closing cost credit, which reduces the amount of the cash needed to close on the home.

 

3. Buy from a big builder.  Builders of new homes have resources that other sellers don't have.  They will oftentimes pay all of a buyer's closing costs on a home that is built and move-in ready.   

 

 

Don Neilson, Realtor

Keller Williams Urban Dallas

 

 

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