Preparing for One-Time Closing CostsBy JJ Singh
Loan Page Columnist
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You found a great mortgage rate and you're about to close your loan. But wait a minute--your new home loan has several hidden fees.
Mortgage Rates: Just the BeginningAfter applying for a mortgage, your lender is required to provide you with a good faith estimate. This written statement explains what fees are associated with your new home loan and it will specify whether the fees are one-time costs or recurring.
One-time New Home Loan Fees
Negotiating the Terms of Your LoanWhen negotiating fees with your lender, keep in mind that lenders are clever people. They may seem accommodating to you, but any discounts they give you may be offset by hikes in other costs, such as recurring fees. Scrutinize the good faith estimate, and above all, shop around.
Non-Recurring Closing Costs from the Lender
About the Author
JJ Singh is a loan consultant who has mortgaged his life away to the micro finance industry in New York City. He holds a bachelor's degree in Economics from the University of Virginia.
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