Closing Tips: How to Save Money When Buying a House
A guide for saving money when you need it most.
Buying a new house can be an overwhelming experience. Paperwork needs to be filled out, down payments need to be processed, transfers of titles need to be completed—AND on top of all that, you need to keep your budget in mind. Like we said, it can be overwhelming.
Unfortunately, we often see companies charging prospective homebuyers for some of the most mundane tasks required to close on their deal. Our team thought it would be a great time to give you, the homebuyer, some tips about saving money when buying a new house. When it’s extra fees you’re trying to avoid, don’t forget—The Universal Settlement Team is ready to partner with you! Now, let’s jump into some tips to get you ‘home sweet home’ with some extra money left over.
Tip #1: The Power of Choice
We’ve seen it before. Homebuyers get swept up in all of the details of buying a house only to have key choices made for them rather than with them. As a homebuyer, you have the right to decide who you want to work with for closing purposes i.e., your title company. We’ll jump into why this is important and how it saves you money next, but just remember to empower yourself—speak up and do research on whatever title company is pushed your way. You CAN choose your title company and this CAN pay off, let’s take a look at how.
Tip #2: Take Control of the Process
The first way that choosing your own title company pays off is by putting the ball in your court. When you take the reins and make this decision, you get better access to the process, the team completing your paperwork, and familiarity with timeframes for closing. For most people, time is money—making this a great perk to tap into when you choose a title company yourself. You also can save money by being able to say yes or no to certain additional services a title company may offer that can shave off some major dollar signs from your budget bottom line.
Tip #3: Avoid the Fees
If you’ve purchased a home before, you may have encountered some fees that snuck up on you and seemed excessive during your process, especially if you did not choose the title company yourself. If you’ve been served these unnecessary fees before, we’re here to tell you that when you choose your title company yourself, you get the power to research, explore, and inquire about any fees directly prior to moving forward with the closing process.
Here at Universal, we don’t believe in surprise fees, that’s why we don’t charge for things like document storing, wiring funds to our office, notary services, etc., that other companies typically charge homebuyers for. This is the key area where savings are to be had. Avoid the fees, choose Universal to help you close.
Let’s Recap
Saving money while you buy a home is possible with the right choices and the right research. When you start your home purchasing journey, be sure to:
Research and choose your own settlement company
Review title companies for hidden or unnecessary fees
Reach out to settlement companies directly before making your final decision
Enjoy the time AND money you save before move-in day
If you want to save even more time, we’ve done a lot of research ourselves to make sure we cut out all of the unnecessary steps and fees to make sure you always have the best experience when purchasing your new home. Work with experts that care about your budget, only at Universal Settlement Services of PA, LLC.