When you buy a home, you’ll have to pay closing costs – the money necessary to close out your real estate transaction. But is there anything you can do to reduce your closing costs?
Here’s what you need to know.
3 Ways to Reduce Your Closing Costs When You Buy a Home in Aspen
First things first: Talk to your Aspen real estate agent about finding a lender that’s right for you. Different lenders offer different mortgage products, which means shopping around is a good thing – and your REALTOR(R) can give you a head start by sending you to the right people in the first place.
Then, you can check out these hints:
- Look for loyalty programs
- Close at the end of the month
- Roll your closing costs into your loan
Here’s a closer look at each.
Closing Cost-Reducer #1: Look for Loyalty Programs
Many banks offer loyalty programs to their customers who open a mortgage loan. Your bank might offer things like reduced origination fees or more favorable interest rates if you’re already a customer, so it’s definitely worth asking.
Closing Cost-Reducer #2: Close at the End of the Month
When you buy a house, you have to pay per diem interest until the end of the month. Scheduling your closing at the end of the month saves you some of that cash, which you can use on your first monthly mortgage payment (or something else entirely).
Closing Cost-Reducer #3: Roll Your Closing Costs Into Your Loan
Talk to your lender about including your closing costs in your loan. That way, you’ll pay them off with your monthly mortgage payments. The bottom line is that adding a few thousand dollars to your mortgage adds up to just a few dollars a month (if you’re spreading it out over 30 years).
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
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