Earlier this week, we posted an article about approximate closing costs for buyers in the Northern Utah area. Closing costs are a reality when it comes to buying a home, but the amount you pay could be lowered if you know these few things …..
According to Forbes, “closing costs aren’t set in stone. ‘Especially in this market, you can definitely negotiate your origination and lender fees,’ says Polyana da Costa, senior mortgage analyst for Bankrate. “It’s like any other service. They have the power to give you a discount.’”
So what should you do?
Make sure you understand what all the fees are for. There may be actually fees included that are not necessarily needed to close your loan. These fees could be, but may not be limited to application, processing or underwriting fees.
Review each fee line by line making sure everything is understood.
There are some Third Party fees that are pretty set in stone, such as flood certification, appraisals and credit reports.
Other fees like currier fees or rate lock fees may be able to be negotiated. But ask if any fees could be removed or reduced.
Comparison shop for your home mortgage. Just as you may go from car dealer to car dealer to find the best deal, it isn’t too uncommon to do the same for your home mortgage. Make sure you have the best program in line for the best price when buying your home. But to do this, it’s best to have the GFE form, or “Good Faith Estimate” form. By having that, it’s much easier to compare costs between lenders.
If you like one lender better than another, but the other has a better rate or closing cost, ASK the preferred lender if they could match it.
Buying your home in Northern Utah is not without questions and concerns,but that’s why we’re here! Utah Live Real Estate Group, has the years of experience and networking to help you every step of the way of your home buying process.