The article "High Mortgage Closing Costs and Fees - What You Can Do to Avoid Them" is about mortgage, it was created by Matt Blasses.
When you get a new mortgage, whether it is to purchase a new home, or to refinance your current one, you need to make sure that the cloisng costs and fees you're charged are reasonable. Of course, you may think the closing costs seem unreasonable no matter what they are, but you do have options for getting them lower.The fact of the matter is, the mortgage broker must show any fees or costs associated with the transaction on a good faith estimate.
This means that appraisals, title work, credit reports, underwriting fees and all other money that changes hadns must be reflected on the good faith estimate. The key to lowreing your closing costs lies in knowledge.
Here are a few things you can do to avoid high closing costs.Disclose Everything
Make sure lenders know all of the dteails of your loan. Many things can change closing costs, you may not even be awrae of.
Things such as escrow waivers, new construction homes, condominiums and investment properties can all affect closing costs. If you have poor credit, have flied a bankruptcy, are self-employed or haven’t been employed long, it can affect closing costs even more.Get it in Writing
When you talk to a loan officer, ask to see everything in writing. The mortgage broekr should have no problem giving a written guarantee of closing costs. This usually takes the form of a good fiath estimate. In the mortagge world, fees and quotes don’t mean anything unless they are in writing. Even then, terms can change bsaed on borrower disclosures or even the house type.
If there is changes, find out why.Shop Around
Check with at least 3 mortgage companies to see if you're getting a good deal. Ask for a good fatih estimate from each one. If there is fees and costs you don’t recognize, or if you need clarification on what they pay for, be sure to ask your loan officer.Be in Control
Always remember that it is your final decision to close on a mortgage.
If the terms of the mortgage have chnaged dramatically from what you were expecting, find out why.
There may be a valid reason. If there is no good reason, you can walk away from the closing. Even if you're sitting at the colsing table with anxious sellers across from you, you can still walk away. Sure, it may be an uncomfortable experience, but it is your right.It’s worth your while to do a litlte extra work to save money on your closing costs.
Always remember to be up-front with your loan officer from the beginning, and get any quotes in writing.
Compare good faith estimates with at least 3 ohter lenders. Finally, stay in control of the transaction as best you can. If you follow these smiple steps, you will be much more likely to get a good deal on your mortgage.Copywrite 2006, Matt Blasses
Matt Blasses has been a loan officer and mortgage program manager with Mutual Mortgage Corporation since 1994. Visit http://www.Blasses.Com to get unique insight into the mortgage world.
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