{"id":8923,"date":"2019-08-15T13:42:53","date_gmt":"2019-08-15T13:42:53","guid":{"rendered":"https:\/\/kenyahomes.co.ke\/blog\/?p=8923"},"modified":"2019-08-15T15:15:02","modified_gmt":"2019-08-15T15:15:02","slug":"how-to-lower-closing-costs-while-buying","status":"publish","type":"post","link":"https:\/\/kenyahomes.co.ke\/blog\/how-to-lower-closing-costs-while-buying\/","title":{"rendered":"How to Lower Closing Costs while Buying"},"content":{"rendered":"\n<p> Contemplating a home purchase? You\u2019ve probably heard about closing costs. We\u2019re assuming you\u2019ll want to keep those as low as possible, right? Right. <a href=\"https:\/\/kenyahomes.co.ke\/blog\/understanding-the-closing-process\/\">Closing fees<\/a> run between 3% and 6% of the mortgage, so they\u2019re not exactly small change. <\/p>\n\n\n\n<p>The drive to just pay up and move in is understandable, but you wouldn\u2019t buy a car or a TV without researching prices on other, similar products. Same goes here. And cutting these&nbsp;closing costs&nbsp;even a little could help you&nbsp;buy a new stove or outfit the nursery. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. Compare costs<\/strong><\/h4>\n\n\n\n<p>With closing costs, a lot of money is on the line. That\u2019s a good reason to shop around for the lender who offers the lowest closing costs. You can also ask a lender to match low closing costs offered elsewhere. <\/p>\n\n\n\n<p>Besides getting quotes from multiple lenders, you can get quotes for some services as well. There are some services included in the closing costs (the inspection fee, the survey fee, the title search, etc.) that you are allowed to shop around for. <\/p>\n\n\n\n<p>In other words, you don\u2019t have to go with the provider your lender suggests and you can try to find a lower price elsewhere. The closing cost services you can shop for will be listed as such on your Loan Estimate. Do some research, make some calls and see if you can find cheaper options.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2. Evaluate the Loan Estimate<\/strong><\/h4>\n\n\n\n<p>When you get the Loan Estimate, don\u2019t just glance at it. Take the time to go through each item with the lender, questioning what each fee covers\u2014and why it costs as much as it does. <\/p>\n\n\n\n<p>This is a good way to identify padded or unnecessary fees. Also, keep an eye out for fees with similar names, as they may mean the lender is charging twice for doing the same thing. <\/p>\n\n\n\n<p>A common example: processing fees and underwriting fees. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3. Negotiate fees with the lender<\/strong><\/h4>\n\n\n\n<p>Once you have a handle on the fees the lender wants you to pay, you can start negotiating. Ask for more hidden fees to be knocked off the final price tag. Ask your lender to give you what\u2019s called the Closing Disclosure form (detailing your final closing costs) as soon as it is available. <\/p>\n\n\n\n<p>Compare what\u2019s on the Closing Disclosure to what was on the Loan Estimate and ask your lender to justify any discrepancies.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>4. Ask the seller to sweeten the deal<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/www.kenyahomes.co.ke\/contact-us\/\">Some sellers<\/a> will be willing to lower the sale price of the home to offset the sting of closing costs. Others may be willing to cover some of your closing costs. Depending on the market and the seller\u2019s motivation level, you may be able to negotiate with the seller to reduce some closing costs<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>5. Delay your closing<\/strong><\/h4>\n\n\n\n<p>Remember the pre-paid daily insurance charges from the list above? You can minimize those charges by closing at the end of the month. Plan ahead and try to schedule it when it means you\u2019ll have to pay less money upfront.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>6.<\/strong> <strong>Save on points (when interest rates are low)<\/strong><\/h4>\n\n\n\n<p>If you\u2019re buying in a low interest-rate environment, you probably don\u2019t need to pay extra for points to lower your interest rate. Each point will cost 1% of the loan value, so paying for points can add up fast. And you pay that money upfront as part of the costs. For each point you buy, you\u2019ll have to stay in the home for longer if you want to break even.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contemplating a home purchase? You\u2019ve probably heard about closing costs. We\u2019re assuming you\u2019ll want to keep those as low as possible, right? Right. Closing fees run between 3% and 6% of the mortgage, so they\u2019re not exactly small change. The drive to just pay up and move in is understandable, but you wouldn\u2019t buy a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-8923","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-improvement"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Lower Closing Costs while Buying - Kenya Homes<\/title>\n<meta name=\"description\" content=\"The closing cost services you can shop for will be listed as such on your Loan Estimate. Do some research, see if you can find cheaper options.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kenyahomes.co.ke\/blog\/how-to-lower-closing-costs-while-buying\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Lower Closing Costs while Buying - Kenya Homes\" \/>\n<meta property=\"og:description\" content=\"The closing cost services you can shop for will be listed as such on your Loan Estimate. 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