Closing Costs

What is your goal?

I know how confusing it can be deciding on whether to pay your closing costs out of pocket or not. It depends on what your goals are. That’s why I would talk to someone who could help me. Sometimes all it takes is a simple conversation to understand the pros and cons.

In the meantime be sure to take a look at the charts below, we think they’re very helpful.

Maureen@ABBAFirst.com
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Mortgage loan closing cost options

If you pay your Closing Costs
– Advantages

  • You may benefit from the lowest available interest rate
  • The seller may agree to lower the sales price
  • Have potential savings over the life of the loan

If you pay your Closing Costs
– Disadvantages

  • It will increase your out of pocket money at closing
  • Can take up to 5 years to breakeven and recoup your closing costs

If you pay ZERO Closing Costs
– Advantages

  • No out of “your” pocket money at closing
  • Save that extra cash for home improvements

If you pay ZERO Closing Costs
– Disadvantages

  • May require a higher interest rate
  • May require a higher loan amount
  • Will cost more over the life of the loan

Any points you choose to pay will be used to simply lower your interest rate.

Do you still have questions? Contact us today!

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Ben and Katie Robinson
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