According to a 2013 survey carried out by Bankrate, closing costs have risen 6% nationwide from last year, and Florida is no exception.
The 20th most expensive state in 2012, Florida has jumped to 9th on the list, and the numbers considered don’t even include title insurance, taxes, and other fees. The average closing cost across the country is $2,402, while in Florida that number is slightly bumped up to $2,517.
However, there are several ways you can personally get your closing costs down as low as possible:
- Talk to the lender
Although fees and taxes aren’t able to be negotiated, the lender may occasionally be open to lowing some of the underwriting and processing fees.
- Look for a good deal
Don’t just go with the first title company you find – shop around until you find one that offers a good price. While the title insurance premium is a fixed number set by the state, the various fees you’ll pay vary from between different closing companies.
- Check the home twice, for less
Inquire about a possible re-inspection. If the property you’re looking to buy was sold recently, the company that did the initial inspection for the seller may inspect it again for you at a reduced price.
- Pay cash
If at all possible, pay cash only. When you do that, all of the various costs that come with meeting a lender’s requirements go away.
While Florida sits at 9th on the Bankrate list, Hawaii was rated the most expensive, followed by Alaska, South Carolina, California, New Mexico, North Carolina, New Jersey, Oklahoma, and Delaware rounding out the top ten.