Negotiating costs when you’re buying a home is the key to saving money in the long run. Whether you’re buying a home or refinancing your mortgage closing costs are part of a deal. But the good news that almost everything associated with those costs is negotiable.

Negotiating closing costs can be a way to save you money when you’re looking to buy or finance refinance a home.

Here are a few ways to negotiate your closing costs:

  1. Ask about lender fees. If you want a better deal will you take out a mortgage loan,  it’s good to ask questions about the fees and charges. If you have good credit you may be able to get a lender to drop a fee or two.
  2. Check lender rebates. Some lenders will offer rebates to existing customers especially if it’s important if you are refinancing a loan.
  3. Compare loan estimate forms between lenders. The loan estimate form itemizes all of the fees. When you’re shopping for loans, you can get information from lenders by sharing loan estimate forms.
  4. Get the seller to chip in. You can negotiate closing costs with the seller. Usually, the seller covers the real estate agent’s commission and might even pay other closing costs.
  5. Close at the end of the month. If you can arrange for your loan closing at this time you will save money on your first payment.
  6. No closing cost mortgage. This can save you money upfront, but cost more in the long run. With a no closing cost loan, you’ll still pay the closing costs. In most cases, the cost is simply rolled into the overall mortgage.

Do your homework, and figure out the best way to go about negotiating the closing costs on your mortgage.  With a little due diligence, you could potentially save thousands of dollars.

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