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Mortgage Loan Offers –
Pay Close Attention
to
Closing
Costs |
You’ve found
the perfect home, you’ve calculated your monthly
payments and interest rates, and you’re happy
to discover that you can finally afford
the American dream!
But wait a minute
– what are all these fees and charges associated with
buying your new home? If you don’t know what to
look for, you may find you’ve signed up for hefty
closing cost fees.
Closing costs
consist of five major categories: Lender or brokerage
fees, third party fees, taxes, title insurance, and
prepaid items. Don’t let the lingo intimidate you
– you just have to be informed to negotiate and make the
best deal.
In their defense,
it’s not always easy for lenders to accurately estimate
your entire closing costs. Sure, they can tell you
what their own fees will be, but figuring out how much
you’ll be charged for title insurance or taxes is
completely out of their hands!
Luckily for the
consumer, lenders are required to provide a good faith
estimate of what your closing costs should be. If
you’re lucky, the numbers should be the same once you’re
ready to sign on the dotted line.
When deciding on a
lender, compare the right numbers – the fees they can
control or find concrete numbers on such as:
It’s hard enough
for a lender to find out all of the exact costs, but as
a consumer, you have to be extra vigilant about where
your money is going. After all, it’s your
obligation – not the lender’s – if you end up paying
more than you should.
© 2004 - All Rights Reserved. Apex Personal Loans
Store does not assume any responsibility for the
accuracy or completeness of the above article. Please
consult a financial advisor for specific advice
pertaining to your particular situation.
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