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| Tips to Ease the Closing Process |
| You've found your dream home and have probably also heard many
horror stories about the closing process. The volume of paperwork alone can
seem like an extremely daunting task. |
| A reputable mortgage company, your trusted real estate agent and title insurance
professionals can help ease the process. The following tips smooth the closing
process on your home.
|
| 1. Research and understand the different loans available to
you and ask questions in advance. Understand the differences between no-fee
or no-point loans vs. fixed or variable rates. Be certain that you understand
all the closing costs prior to the actual closing. |
| 2. Use a reputable title insurance company that can assure that
the real estate is free from any claims against the property. A title search
is a necessity and is required in many states to protect the lender against
any title defects that may arise. You also may want an owners policy that
will protect your investment in the property if there should be a claim against
the property. |
| 3. Do all the background work before closing. Usually, buyers
and sellers are required to bring items that include the latest paid water
and tax bills, releases of liens or mortgages and other fee payments that
may be needed at closing. |
| Fees You May Be Able to Negotiate
|
- Since most document preparation fees are computed generated, ask for a
waiver.
- Processing fees can run around $150 for paperwork handling, find out about
waiving this fee.
- Underwriting fees range from $150 to $300. If you loan is not a complicated
one, ask for the lowest amount.
- Check to make certain you are not charged an appraisal review fee unless
you had requested a formal review.
- Lenders usually have an in-house notary so ask for a waiver on notary
fees.
- You may be paying a courier fee to have your paperwork taken from the
lender to your settlement. Deliver it yourself to save this amount that
can be around $50.
- Negotiate with the seller to split closing costs.
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