So, you've been priced out of
the real estate market for the last several years and, now
that real estate prices have fallen, you're ready to buy in
before interest rates rise. Still, aside from a downpayment,
closing costs have you strapped for cash, right?
Well, try to save a little a
money.
Aside from shopping around
before choosing a mortgage lender, you should also have every
fee explained to you before signing your final papers.
Most important, find out
which fees are loan origination fees and which are third-party
fees according to Bankrate.
Origination fees can be
negotiated. Third-party fees aren't as easy to negotiate.
When you receive your Good
Faith Estimate (GFE) - check out your origination fees. "On
the GFE, fees are categorized by numerical codes ranging from
the 800s to the 1300s. Most of the negotiable lender-charged
fees are in the 800s: application, origination, commitment,
loan discount, broker, tax-related service and underwriting
fees."
Insurance and settlement fees
are also negotiable.
