Forgotten Your Password?

Need to Register?

Question Icon

Who is responsible for closing costs on a home?

by jeffreyballad547 from Hammond, Louisiana. Sep 16th 2014 Reply


Kevin Morgan (ArborLending)
#20 ranked lender in Louisiana - 21 contributions

Typically the buyer and seller each have costs involved in a sale. Each are responsible for paying for their own required items. That being said, the buyer's side is substantially more. A seller can pay a buyers costs (with restrictions) if both parties agree. This is normally negotiated up front when agreeing on the purchase price.

Sep 16th 2014
1
0
Bob Finch (bob.finch@theadvisorsmc.com)
#96 ranked lender in Washington - 13 contributions

Hi Jeff,Typically the borrower is responsible for the closing costs, but quite often a seller will agree to pay at least a portion if not all of them. Your Realtor will help you in negotiating this. Different loan programs have different restrictions, but most will allow the seller to pay up to 6% of the sales price toward the buyer's closing costs. Your lender can also pay closing costs for you, but most likely will increase the interest rate to compensate for them. There are also down payment assistance programs available that will contribute toward your down payment as well as your closing costs. Please give me a call at 503-951-3874 or email me at bob@gobestloan.com to go over the details.Thanks & Have an Awesome Day,Bob

Sep 16th 2014
1
0
Christine Ellison (cellison)
#25 ranked lender in Louisiana - 8 contributions

Buyer is responsible for his/her closing cost but typically would be negotiated as seller paying. You can contact me for further details - Christine Ellison Southwest Funding, Hammond, LA. 985-956-7555

Sep 16th 2014
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

For every transaction, there are closing costs for both the buyer and the seller, however everything in life is negotiable.. When the market is doing very well and there are multiple offers on homes listed for sale, it's unlikely you will get a seller to contribute to your closing costs, but conversely, when the market is slow, then most sellers are willing to contribute towards your costs.. A good real estate agent and mortgage broker can find a way to get all your costs paid, either by the seller via contributions, the lender offering a seller credit, your real estate agent offering a credit or a combination of the three.. but there is a way.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 17th 2014
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

The buyer and seller both have closing costs. The buyer can have their costs rolled into the loan, into the interest rate, or pay cash. Many people opt for what is known as "seller paid closing costs." While this implies the seller is paying them for you, they really are not. It is just the term used when you roll it into the loan, and is super popular with almost all home buyers. Lending in MN, SD, and WI - www.Minneapolis-Mortgage.net

Sep 17th 2014
1
0
Subscribe to our news feed.