As you plan on buying your next home in Albuquerque, you no doubt are already setting aside a down payment. But have you considered closing costs? If not, then you need to remember that’s it’s an important part of the buying process.
What exactly are closing costs? They are also known as settlement fees, and are paid when obtaining a mortgage. These fees are charged by your real estate agent, lender and other parties involved in the transaction. These costs can be around 2-5% of the purchase price.
Many first-time home buyers in Albuquerque don’t realize this. And if you have a low down payment program, the closing costs could be the same amount as the down payment.
There’s a number of factors that can affect the closing costs, such as appraisal fees, credit report fees, and others. You can work with your lender and agent to see if there’s any way to decrease these costs. You can also negotiate with the seller over who pays the fees. This is called ‘seller’s concession’ and can be used in negotiation to get the deal closed with the seller.
So make sure to talk to us early about closing costs so you won’t be caught unprepared.
To receive a personal consultation for your home, contact the Team directly!
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