Save Money At Closing with the Simunek-Pritchett Real Estate Team
It is possible to save money at closing. Whether you are buying a new home in the U Street area or refinancing a place you already own in Washington DC, closing costs can often make the process more expensive than expected. When refinancing closing costs can actually get in
the way of making a change a poor financial decision. What many borrowers in Washington DC may not realize is that cutting some of the fees out at closing can happen.
When researching a new loan check with your current lender first. Chances are, if you are in good standing, they do not want to lose your business and will work with you to keep it. Working with your current lender may avoid a new appraisal, application fees and other charges that come along with the loan process. Patrick Gardner with First Savings has had a lot of success with our clients. He is a great lender to begin those initial conversations.
Find out what a lender’s fees are well ahead of closing so that you know what to expect. By seeing the fees in writing you may also have an opportunity to do a bit of bargaining. The better your credit rating, the more a lender will want to work with you and secure your business.
Finally, look into wrapping your closing costs, or at least a portion of them into your loan. If it make financial sense it can save you money up front. With mortgage rates currently hanging out below 5% wrapping a couple of thousand dollars into a mortgage does not make too big of an increase on the monthly payment. Shop around and speak with a number of lenders before making your decision.
Click here to read an article from CNN Money regarding cutting costs at closing.
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