Home Closing Costs: What You Need to Know

Buying a home comes with its fair share of surprises. Like closing costs. So, what are closing costs and what are they not? Who pays them? When are they paid? Many home buyers have these questions, so there is no need to be embarrassed. Here is everything you need to know about closing costs, but were afraid to ask.

You Have Options For Paying

If you don’t have much cash on hand, it might be best to save whatever you have for a down payment. One way to accomplish this is to negotiate a no-closing-cost mortgage, which enables you to finance your costs through a higher interest rate. This is not ideal and will cost you more down the line, but it could mean you can afford your home.

Another avenue is to negotiate the seller paying for all. If they are motivated to do this, they can either pay out-of-pocket or cover the cost through a seller’s concession. This frees the buyer (you) up to put more cash in for the down payment.

Closing costs are a crucial, but often overlooked step in the home buying realm. By researching and examining these costs, you are ensuring a more informed home buying decision. At Avex Homes, we are committed to helping you throughout the lending process. 

Our trusted lending partners diligently work to find the right financing package for you. Whether you are just starting your search or getting ready to make an offer, understanding and anticipating the costs included with closing will surely save you from a surprise.