How to Reduce Closing Costs on a Loft or Condo in DTLA

When you buy a condo or loft in downtown Los Angeles, there are a few things you can do to reduce your closing costs. Here they are:

Compare the costs between lenders
Evaluate your loan estimate
Negotiate fees with your lender

How to Reduce Closing Costs on a Loft or Condo in DTLA

Compare Costs Between Lenders

Closing costs can get expensive – and it’s cash you have to come up with before you can take ownership of the home. That means you should shop around; talk to multiple lenders and see if you can get quotes on services like pest inspection fees, survey fees and title search fees – and see if you can hire your own professionals.

Evaluate Your Loan Estimate

Your lender will give you a loan estimate, and you need to take the time to comb through it. Question what every fee covers, and ask questions about why each costs that much. You can identify unnecessary fees this way, and you can ask if two fees seem very similar. If there’s something you don’t like, ask the lender to waive it.

Negotiate Fees With Your Lender

You can always, always, always negotiate with your lender. Ask for some fees to come off your loan estimate, and when you get your closing disclosure, compare it closely to your loan estimate. If there are discrepancies, ask why – and ask the lender to go back to the original estimate if possible.

Are You Buying a Loft or Condo in DTLA?

Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.

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