Closing Fees: Do You Know Where Your Money Is GoingBy Debbie Wilson
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Upon closing your new home loan, you'll find yourself paying various fees and charges. And since closing is the time you sign your paperwork, pay these closing fees, and take ownership of your new home, it is important that you understand what these costs entail as well as their financial impact. In general, these closing fees can be broken down into 3 groups: lender-related fees, third-party fees, and pre-paid fees. It is the third-party fees that tend to be the most negotiable and thus worthy of your attention.
Third Party FeesMost third-party fees are collected by your lender for services provided. Some closing fees are regulated by government organizations, while other are optional. Typically, all lenders will require some of these mortgage fees.
What Are Third Party Fees?While many third-party fees vary from mortgage to mortgage, the following represent the most common ones for new home loans:
About the Author
Debbie Wilson owns and operates a lakeside resort. Her previous experience includes profitability consulting for a national healthcare company. Debbie holds a B.A. in Business Management with a minor in Physical Education.
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