It’s my upmost responsibility that you come out of pocket as little as possible at the closing table. Therefore, let’s talk about a few ways we handle closing costs.
Closing costs can be rolled over into your loan and paid back over time. For instance, if we made an offer for $135,000 but the appraisal says your home is worth $140,000, we can use up to 3.5% of the appraisal amount for closing costs which will be in this case $4200. Therefore, instead of repaying $135,000 with interest it will be $139,200.
Request seller to cover closing costs. The seller will deduct some of their earnings to cover the closing costs.
Both can contribute to closing costs. Both parties can come into agreement to split closing costs by one using both options above.
Of course, many lenders have programs that can assist in closing costs, so don’t be afraid to ask.