How a Shreveport-Bossier Homebuyer Can Reduce Closing Costs

Going through the list of closing can be very overwhelming, especially if you are a first time homebuyer, but almost all of these fees and charges are negotiable and there are a few things that you can do to lower these costs.

1. Offer to Do Some of the Legwork in Exchange for a Rebate

Usually, buyers negotiate with their brokers to lower their fee, but aside from this, you may also offer to do some of the legwork, like checking property listings and going to open houses by yourself, in exchange for a rebate on their commission. The rebate is a percentage of the broker’s commission, which is given to the buyer at closing.

2. Do Your Own Research

If you want to be able to negotiate and get the best deal from your home purchase, you need to know all the fees and charges included in your closing costs and learn what they are for. This way, you can plan the best way to negotiate with the seller or your lender. With lenders, there is no standard way of listing closing costs. If you speak with two or more lenders, you will notice that they use different terms and some costs are bundled together. By taking the time to learn what these are, you can bargain to reduce some of these costs or take them out from the list if they seem to be vague.

3. Shop Around and Request Quotes from Several Different Lenders

Shopping around for lenders not only allows you to compare their rates, it also creates competition among them. Consequently, these lenders would offer even lower rates, so you end up getting a much better deal. According to a recent study, homebuyers are able to save as much as $1,500 by getting one more quote and at least $3,000 by getting quotes from five different lenders.

Although the list of closing costs may seem to be complex and confusing, having a real estate expert by your side would make it easier for a homebuyer like you to learn everything that you need in order to get the best deal from your real estate purchase. If you are in the market to purchase a house in the Shreveport-Bossier, LA area, I can help. Feel free to give me a call at (318) 294-6722 or send me an email at [email protected] and I will get back to you the soonest possible time.