Buying a Santa Monica Home? Have you thought about the closing costs?Here is the Solution
Santa Monica Homes are relatively more affordable these days and with historically low mortgage rates, financing a home is really cheap. But some buyers don’t realize the high closing costs associated with purchasing a home until end of the escrow process when they see their closing statements.
Yes escrow companies inflate the charges on top of their escrow fee like $150 document fees or $100 FedEx fee but it’s not as expensive as what lenders and their vendors would charge as fees. As anyone who financed a home knows that lender’s up front fees vary so much and lenders add or inflate the fees last days of the escrow process. Lenders charge $500 to $700 appraiser fee or $1000 for processing or underwriting fee as well as loan fees.
There are no regulations for mortgage fees however there are some things Santa Monica home buyers can do to lower their fees a little. The best thing to do is to talk to your loan officer and try to get them reduce the fees. There are some fees that are out of control of the lender such as title insurance but your loan officer may be able to get you discount of underwriting fees, processing fee or points they charge for your loan. Lenders are required to give you a good faith estimate of your closing cost within few days after you apply for loan. This gives you an idea about the fees you expect to pay and an opportunity to negotiate these fees. Of course you should keep big picture in view and not lose sight of the fact that your first priority is to get the mortgage and lowest rate possible.
Our firm can also help you with your closing costs. Our Santa Monica home buyers can take advantage of our buyer cash rebates and apply that rebate toward their closing costs or get a check few days after close of escrow. We offer our buyers up to 50% rebate on our earned commission we get in representing buyers. For example, on a $500K transaction, buyers could get up to $7500 in cash rebate. For more information please visit our website at www.900flat.com or give us a call at 877-900-Flat
Processing your request, Please wait....
