Avoid the danger of high closing fees
Yes, you can negotiate your closing fees with a mortgage broker, the title company, your real estate broker, and your lender. Adjustment to these fees in most cases can be done provided you negotiate them upfront in the beginning of the buying/refinancing/application process. If you wait like most people, until you’re at the closing table your requests will fall on death ears.
Some fees are not negotiable. This goes for “hard money” mortgage fees vs “purchase money” including some title fees. Another reason for asking for removal or reduced fees at the beginning of the process.
What closing fees can you negotiate?
That depends on what is on the Good Faith Estimate (GFE), which you should receive from your lender within 72 hours of you submitting an application along with a purchase agreement. A GFE is a form that provides you with basic information about the terms of your loan which you have submitted in an application and provides to the borrower estimated costs to acquire the loan.
The newest Federal law (Todd-Frank) states a bank is to give a GFE within 3 business days from the time you submitted a real estate loan application.
What to do next?
To find out what you can negotiate during a real estate transaction there is a simple and easy 3-step process. All you need to do is:
1.) Pick up your cell phone
2.) Look up my number (650-346-7366)
3.) Call me immediately
When you call we will discuss how you can save money on your closing costs by working with an agent who has been helping homeowners, and home-buyers for over 40 years. You want that kind of experience in your corner. Do it now while you are thinking about it.
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