Purchasing property is a significant investment, and the expenses go beyond just the property’s price. Additional fees can accumulate, but here are some tips to help reduce your closing costs:

1. Comparison shop lenders: Besides finding the best interest rate, research the vendors each lender uses for survey fees, title searches, and title insurance. Compare prices for these services and request a switch if you find a more affordable option.
2. Shop around for real estate lawyers: Explore different options to find competitive rates.
3. Compare home insurance quotes: Look for the best coverage at the best price.
4. Negotiate with the seller: See if they are willing to cover some of the closing costs, especially for properties that have been difficult to sell.
5. Investigate first-time home buyer incentives: Look for programs that offer financial benefits.
6. Close at the end of the month: This can reduce the amount of interest applied before your first mortgage payment.
7. Ask lenders about incentives: Inquire if they offer perks such as cash back or waived fees for choosing their services.

While some closing costs, like taxes, are unavoidable, there are several strategies to minimize them and keep more money in your pocket when moving into your new home.