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Closing Costs? What are They?
Obtaining a loan to purchase a home can be an expensive proposition. Many times, people may be tempted to re-negotiate their older, higher rate mortgage when rates come down. It is important to consider this carefully and make sure any savings you have are not eaten up by the closing costs on the loan.
Banks, of course, incur expenses to process and close a loan. For the most part, many of these expenses are not determined by the bank, but are fees they are charged and pass onto the borrower. There are some costs over which the bank has control, and if they are aggressively seeking new loans, they may reduce or eliminate them.
or inspections -Title search -Credit report
Depending on the state where you live, there may be even more.
One of the first questions you may ask is whether or not you can reduce these costs. Often banks may make special offers to entice customers to take a loan with them.
First of all, make sure the bank gives you a good faith estimate of these fees (they are required by law to do so.) Then you can analyze them. One of the hazards of being offered a lower rate may be that the bank inflates the closing costs to make up for the reduced loan rate.
If you do find that any of the costs are not in line with market rates (you can call another bank and ask them what their fees are-this will apply in some areas, such as an appraisal or a credit search, or you can file another application and get another good faith estimate), call them on it and request to negotiate the item.
Now that you know how much you will have in closing costs, you have to make sure it is worthwhile to re-negotiate your current loan. You can obtain a mortgage calculator on many sites on the net, and it will tell you how much the loan is going to cost over its life.
Don't forget that the new loan will now also cost all of the closing costs you will have, so add them to the calculation. You will now know whether or not a re-financing is a good idea or not. This is not a lot of trouble to go to since it may save you a substantial amount.
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