It is possible to save money at closing. Whether you are buying a new AZ home or refinancing one you already own, 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 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.
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.
With over 12 years of experience, an Arizona Realtor that can help you through the closing process is Gina McKinley. She specializes in first-time buyers, luxury homes, condo/townhomes, waterfront & golf course communities, and retirement communities in the east valley, including the cities of Chandler, Phoenix, Gilbert, Mesa, Ahwatukee, Queen Creek, Tempe, and Scottsdale. Gina McKinley can be contacted at (480) 355-8645 or by email for more Arizona real estate information.
Click here to read an article from CNN Money regarding cutting costs at closing.
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