Who you, a Guru? After you read these 262 Mortgages tips, you'll be one. But we're looking to recruit a Guru to blog, write a 101 tip Mortgages book, and become a leader of this community.
Hot topics for both consumers and webmarketers on WebmasterRadio.FM
Every Wednesday, 4PM Eastern.
September 11, 2009, Newsletter Issue #184: Closing Costs And Bad Credit
1
Tip of the Week
While many of your closing costs are specified by law, government regulation, or third party standard charges, you may find you are required to pay higher closing costs because of your poor credit. The most critical areas you should examine are the following.
Origination fees Loan discount fees Broker fees Title examination fees Legal or escrow costs for closing your mortgage Underwriting fees Processing fees Document preparation or review fees Funding fees These fees can be arbitrary and some lenders will attempt to take advantage of your bad credit situation to increase their income through setting fees that are higher than they those they would charge a borrower closing a market rate mortgage loan. Closely examine your good faith estimate (GFE) and truth in lending (TIL) statement you will receive within 72 hours of making an application. Compare your closing cost line items with other examples you can find using the Internet or your local library. Question any fees that are higher than what is considered “customary”, and do your best to negotiate these costs downward.
2
About LifeTips
Now one of the top on-line publishers in the world, LifeTips offers
tips to millions of monthly visitors. Our mission mission is to make
your life smarter, better, faster and wiser. Expert writers earn dough
for what they know. And exclusive sponsors in each niche topic help us
make-it-all happen.
LifeTips is part of ideaLaunch, the hub for a group of websites offering
solutions that help clients improve mind share, market share and profit online.
