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How Can I Understand Closing Costs?
If you have ever purchased a home, you may have had a surprise when you saw the total of the closing costs. 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 be sure any savings you have are not eaten up by the closing costs on the loan.
When a bank establishes a mortgage, it incurs expenses to do so. A lot of these expenses are not under the control of your lender, since they are charged by third parties, but there are some fees that they do control, and will adjust if they really want your business.
Some closing costs you may encounter are : -Application fee -Origination fees (or points) -Attorney fees -Transfer taxes -Recording fees- -Appraisal -Surveys and
Depending on the state where you live, there may be even more.
As a prospective re-financer, you may want to know which of these costs can be reduced, or even eliminated, such as their application fee, and which are not under the bank's control. Lawyers' fees, for example, are not usually subject to debate, and the appraisal fee is set by an outside firm that does the appraisals.
The first step you should take to find out whether you can reduce you closing costs is to get a good faith estimate of the costs. Be careful that your lender has not offered you a great loan rate, but then padded the closing costs to such an extent that they recover the difference.
One of the most effective ways to get fees lowered is to learn the closing costs at your bank's competitors and you can ask your bank to lower them if they seem too high.
Now that you know how much you have to pay, 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.
Now compare your existing home loan total cost balance against the new loan's total costs, adding the closing costs to your new loan. Now you will know whether the lower rate is worth while. You will discover that this exercise is well worth the time and trouble.
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