How Do You Save On Real Estate Closing Costs?
When purchasing real estate or refinancing a mortgage loan you will need to be prepared to pay closing costs. Closing costs will vary depending on the city and state you are buying in, the cost of the real estate, the size of your down payment and the professionals that you choose to use when closing. Shop around when choosing a mortgage lender. Be sure to compare not only the Interest Rate being offered, but also the amount of the fees being charged on the loan. Ask lenders to provide, in writing, a Good Faith Estimate (GFE). This GFE should provide a list of fees that will be charged and an estimate cost for each one. Learn the lingo. Research closing costs and the fees that you will be expected to pay. Ask the lender to explain any fees that you do not understand. Some lenders are willing to negotiate on fees so they don’t loose you to another offer. Ask the lender if the fees are subject to change at closing. Use a closing costs calculator to make sure the total figure you are quot
