You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.
Borrowers are receiving a new form called a Loan Estimate after they apply for a mortgage. It explains the key terms, from interest rates to closing costs, and ensures you’re getting the home loan your lender promised.
Paying points to get a lower interest rate is almost always a losing proposition because most homeowners don’t keep their loans long enough to recoup the up-front costs. Are you an exception to the rule?
Low credit scores? Too much debt? With the government standing behind you, banks and mortgage companies can make loans they wouldn’t normally offer at competitive interest rates that could cut your monthly payments by hundreds of dollars.