Did you ever wonder if the closing costs your mortgage broker proposes can be lowered? Whether you have or not, this article will provide you with 4 ways easy to minimize your closing costs.
1. Examine your Good Faith Estimate and make sure you understand what each fee is for. Seems straightforward but many people do not do it. Sometimes, they do it long after the fact. You must do it before. Preferably a few days before, not minutes before.
You should always get your closing costs estimates on the Good Faith Estimate form. Its a standardized way of showing you what fees you are going to be charged. Since its standardized, you can easily compare one mortgage brokerages closing costs estimates with those of another.
The closing costs are finalized on HUD-1, a form that you should have in your hands and inspect (compare it against the Good Faith Estimate form) several days before the closing.
2.
For example, did you know that, on average, the poorest or lowest income families carry the most credit card debt? Perhaps this seems obvious, but that wasn’t always the case. A few decades ago, the poorest of the poor simply did without, meaning they were poor, but out of debt as a rule. Now, the lowest classes have caught the middle class disease of keeping up with the Jones’ by charging their expenses.