Tag: closing costs

  • Save on Closing Costs With These 5 Strategies

    How to Open Negotiations on Closing Costs

    Most of the time the homebuyer pays them, but there is lots of room for compromise. Continue Reading

  • As Closing Costs Rise, Here's How to Knock Them Down

    As Closing Costs Rise, Here's How to Knock Them Down

    Here are some of the best ways to reduce this unavoidable expense of getting a home loan. Continue Reading

  • How to Avoid Closing-Cost Confusion

    Closing Costs Don't Have To Be Confusing

    While you may know about down payments and mortgage interest rates, closing costs are extremely important too -- but not always easy to understand. Continue Reading

  • Crunching the Closing-Cost Numbers: How to Finesse Mortgage Fees

    How to Finesse Those Costly Mortgage Fees

    Here are some little-known ways to absorb the fees necessary in taking out a mortgage loan. Continue Reading

  • Mortgage Points: When It's Smart to Pay More Upfront

    Mortgage Points: When It's Smart to Pay More Upfront

    Pay more now for a chance to save much more later? That's the idea behind paying "points" on a mortgage loan. But it doesn't necessarily make sense for every homeowner. Mortgage points provide an opportunity for borrowers to lower their monthly mortgage payments by paying a lump sum at a loan's closing in... Continue Reading

  • Feds Want Your Feedback on Proposed Mortgage Forms

    Feds Want Your Feedback on Proposed Mortgage Forms

    Federal regulators are asking for industry input on prototypes for a new, unified settlement disclosure form that will replace the separate HUD-1 Settlement Statement and Truth in Lending disclosure form currently in use. The Consumer Financial Protection Bureau -- which has also been asking for feedback this... Continue Reading

  • Credit Score Catch-22: Mortgage Shopping Can Raise Your Rate

    Credit Score Catch-22: Mortgage Shopping Can Raise Your Rate

    It's a Catch-22 if ever there was one. The very process of shopping around for a low interest rate on a mortgage can adversely impact your credit score and cost you your eligibility for the cheaper loan you're seeking. Each time a lender does what is known as a "hard pull" on your credit report, their action... Continue Reading

  • Survey: Homebuyers Don't Get Good Faith Estimate

    Survey: Homebuyers Don't Get Good Faith Estimate

    A new survey reveals that more than half of homebuyers today don't know what the Good Faith Estimate is actually good for - namely, to shop around for the cheapest mortgage loans on the market. In a survey released by ING Direct on Wednesday, 56 percent of respondents did not use the GFE to compare lenders'... Continue Reading

  • A Home Grows in Brooklyn

    A Home Grows in Brooklyn

    When Mark and his wife married in 2007, their one-bedroom Brooklyn apartment was just what the newlyweds needed. But when home prices took a dip in their hip Brooklyn enclave, they knew it was time to make a move. "It was great at the time," Mark says, "but we knew that it was small and we definitely wanted... Continue Reading

  • Title Company Closes Doors in 47 States

    Title Company Closes Doors in 47 States

    What do you do when you're all set to close on a house and your selected title company goes belly up? That's what many homebuyers and real estate agents across the country are grappling with right now. Or at least there's a scramble to move their paperwork on to another company after one of the nation's largest... Continue Reading

  • Refinance Without Closing Costs

    Refinance Without Closing Costs

    With the housing market on the slow path to recovery, many brokers continue to offer low-cost refinances -- a mortgage payment revamping that covers closing costs -- to sweeten the deal for homeowners. According to mortgage broker Kirk Tatom of Dallas-based Tatom Lending, a low-cost refinance also referred to... Continue Reading

  • Closing Costs on New Mortgages Up 36.6 Percent

    Closing Costs on New Mortgages Up 36.6 Percent

    The average origination and third-party fees on new mortgages are up 36.6 percent over last year. In 2009, the average costs for closing a mortgage totaled $2,739, but that cost is up to $3,741, based on BankRate.com's 2010 Closing Costs Survey. The biggest difference is in third-party costs for appraisals and... Continue Reading

  • The Hidden Costs in Home Buying

    The Hidden Costs in Home Buying

    San Francisco resident Mike S. thought he had a handle on the costs associated with home buying. Down payment -- check. Mortgage -- check. HOA dues -- huh? "The dreaded homeowner association dues," as he calls them, would add hundreds of dollars to his monthly nut, an outlay he hadn't figured when he calculated... Continue Reading

  • 10 Tips for Lie-Proofing a Home Closing, Pt. 2

    10 Tips for Lie-Proofing a Home Closing, Pt. 2

    On Friday, HousingWatch published the first five of my tips for detecting lies related to closing on a home purchase. It's a little like a good card trick -- you have to pay careful attention to figure out what's really going on. I wrote my book "Liespotting: Proven Techniques to Detect Deception" to give... Continue Reading

  • First-Time Homebuyer's Guide

    First-Time Homebuyer's Guide

    Mike Valdez fits the profile of a savvy first-time homebuyer perfectly. A 34-year-old financial analyst from New Rochelle, N.Y., he and his family had grown sick of living the renter's life. So two years ago he decided to test the market and find a townhouse for his growing family. But despite his financial... Continue Reading

  • Closing Costs: No Surprises

    Closing Costs: No Surprises

    Many homebuyers mistakenly arrive at closing unprepared for a laundry list of closing costs: major and minor fees that are a routine part of any home purchase. This can be because the lender increased fees on lender-controlled aspects of a transaction, or because a buyer chose a third party (appraiser,... Continue Reading