Can I ask the seller to pay closing costs?

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asked Dec 1, 2022 in Real Estate - Renting by Pinkpanther (4,490 points)
Can I ask the seller to pay closing costs?

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answered Dec 2, 2022 by Wenja921 (26,070 points)
You can as a home buyer ask the seller to pay all of the closing costs although every mortgage transaction between a buyer and a seller are different and guidelines can vary by home loan type.

Closing costs on a mortgage and home are typically 2% to 6% of the purchase price.

The seller pays part of the closing costs such as their end of the local taxes and other municipal fees while the buyer pays other closing costs.

The closing costs are actually split up between the seller and the buyer and the buyer pays most of the closing costs.

Closing costs can be included in a home loan or mortgage or you can also pay the closing costs through another loan or any other way.

Closing costs, also known as settlement costs, are the fees you pay when obtaining your loan.

Closing costs are typically about 3-5% of your loan amount and are usually paid at closing.

To calculate closing costs, you can estimate 2% to 5% of the total amount you plan to finance.

For example, with a loan of $200,000.00, you could estimate closing costs between $4,000.00 and $10,000.00

To get a more accurate estimate, request a Loan Estimate document from your potential lender.

Closing costs are split up between buyer and seller.

While the buyer typically pays for more of the closing costs, the seller will usually have to cover their end of local taxes and municipal fees.

The closing costs on a home mortgage should include things such as loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges.

Those should all be included in the closing costs when purchasing a home.

Basically Closing costs on a home mortgage loan include all of the expenses and fees associated with buying a home.

Closing costs are from 2 to 5 percent of the purchase price of the home.

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