DORAL ARTICLES

Tips for homebuyers to avoid extra fees on closing costs

It has been discovered that many first time homebuyers are paying thousands for “extra fees” on the home closing. And it is known that American citizens usually spend around $110 billion dollars a year in buying homes all over the country. The said sum does not include the cost of the houses but the loans’ cost. The fact is that closing costs are basically deducted from the buying price and you are just feeling lucky for having a good deal on a beautiful single-family home. You don’t want to rush the bid so you are probably afraid of asking too many questions. Wrong! If you ask the right questions you can save thousands of dollars on closing costs.

Lenders must give you a good faith estimation of your closing costs. They usually give a low guesstimate to get you just dealing. They will jump the fees up at closing. To avoid the headache, you should talk to some other lenders to compare not only interest rates but compare fees. You will be amazed with the results! Some lenders may charge you $3,000 initially while others don’t charge. And when comparing fees, ask precisely about what that covers. If the answers are unclear like “administration fees”, “sending faxes” or “notarizing paperwork”, advise lenders that you won’t accept anything like that and insist on getting a copy of your final closing cost statement, which is called HUD-1 settlement sheet, a few days before the closing date instead of “at” the closing date. If you have any questions, please call Blue One Realty for assistance. We are located at: 9594 NW  41sr Street, Suite 103, Doral, FL 33178. Our phone numbers are: 305-599-1817, cell phone 786-306-5395, fax 1866-565-4943.