Tips to Save Money on Closing Costs on Homes for Sale in North Georgia
Buying a home can be complicated – especially if this is your first time! There are various checklists and rules that must be followed, plenty of paperwork to be filled out, and tons of real estate terms that an inexperienced buyer may not be familiar with – and that’s ok.
As North Georgia Realtors for over a decade the team at Southern Select Properties in Dawsonville, GA has been taking care of home
One of the most important things to know when considering buying a home for sale in North Georgia is closing costs. This figure lets a home buyer know exactly much out of pocket money they will need to buy the house, which can sometimes be a deal-breaker if a buyer does not have enough cash on hand.
By definition, a real estate closing is when the title of a property is transferred from the seller to the buyer. The costs and fees associated with buying your North Georgia home that are paid at the closing of the real estate transaction are called closing costs.
Closing costs can be broken down into 2 main categories: recurring and non-recurring. Recurring costs include items such as pre-paid property taxes, insurance, and interest. Some of these expenses can be paid each year via your escrow account. The non-recurring closing costs often include items like required funds for the escrow as well as any other necessary fees.
What Are the Estimated Closing Costs to Buy a Home in North Georgia?
The total closing costs in GA are typically around 3% of the amount of money borrowed for your home loan. For example, if you were looking at homes for sale in Dawsonville for $300,000 the amount of the total closing costs would be around $9k.
Tips for Homeowners to Help Reduce Closing Costs on Homes in North Georgia
- Pre-paid interest on your home mortgage loan is included as part of the closing costs. Selecting a closing date near the end of the month means that less interest is due on your loan for that month, which reduces your closing costs.
- Lenders vary in the
amount of closing costs they charge to mortgage seekers. It is crucial to compare lender fees as well as interest rates to potentially save thousands of dollars in closing costs. Homebuyers should also feel free to negotiate closing costs with your lender to help reduce your fees.
- A good Realtor can negotiate the closing costs with the seller of the home and ask that they pay the allowed 3% of the purchase price towards the buyer’s closing costs. This can help tremendously if cash at closing is an issue.
Your North Georgia Realtors at Southern Select Properties Are Here to Help
As an experienced Realtor in North Georgia, Southern Select Properties can help you understand the home buying process, assist you with obtaining financing to get pre-approved, and help you find the home of your dreams. We’d love to show you your options! Contact us today to get started or search available homes for sale in North Georgia now!
