Home Buying in Cow Hollow>Question Details

Trulia San F…, Other/Just Looking in San Francisco, CA

How can one save on closing costs?

Asked by Trulia San Francisco, San Francisco, CA Wed May 29, 2013

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Make sure you get the Good Faith Estimate in advance and ask about what fees can be reduced or question any high fees. We have low fees and won't charge you any points. Call or email for a free pre-approval in less than 10 minutes. We lend our own money and can do deals that banks turn down.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Oct 26, 2013
1. by purchasing in a low income tract. The big lenders will oftentimes give a credit in the closing statement if the neighborhood you are purchasing is in in a low income census tract.

2. by asking the seller for a credit of some sort but you need to have a reason to ask for it (like in lieu of a particular repair item). They can always say no. It depends on where you are buying if this will work or not. Sellers will usually not concede to a credit if there are multiple offers in play.

3. Purchase all cash. There are ALOT less fees if you just buy a piece of property outright.

Just to note, closing costs are part of the cost of purchasing a home. These are your taxes, insurance, interest, title and lender fees associated with making this purchase. You should plan accordingly and thus you will have enough money to buy a piece of real estate. Planning on purchasing and you need to calculate and include both your down payment AND your closing costs. If you are obtaining an loan to buy it is safe to estimate 2-3% of the sales price will be needed for closing costs. If you aren't ready to pay the costs associated with purchasing a home then it might be a good idea to save up a little more before you take the plunge. In competitive markets like this asking for credits won't fly if you actually want to land a contract and buy a home.
0 votes Thank Flag Link Fri May 31, 2013
1 - Have the seller pay for it or for a portion of it (if it is a purchase transaction).

2 - Have them financed if it is a refi (that is not really saving it but you will not have to pay for them out of pocket)

2 - Volunteer to go sign the loan documents at the escrow office in front of your escrow officer (who is most likely a Notary) and you will save, in most cases, $50 - 90$ as traveling notaries command a premium.

Cheers
0 votes Thank Flag Link Wed May 29, 2013
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