Whether you are refinancing your current mortgage or buying a home for the first time, closing costs are something we all have to deal with. Saving the most on either of these mortgage transactions means keeping those costs to a minimum. The problem many consumers run into is that these closing costs vary so much from one lender to another. This can make shopping for the right mortgage product a real hassle. Here are a few tips that just might save you some cash the next time you close:

Tip 1: Make a Fuss about Extra Fees

There are dozens of different fees that can be charged to consumers at the time of close. Make sure you understand exactly what fees you are being charged. Often asking why you are being charged a certain fee can lead to it being eliminated from your closing costs.

Tip 2: Ask an Expert

The Mortgage Professor, Jack Guttentag, is always available to answer your questions. If you are unclear about any fee you may be charged at your close, ask. There is no other way you are going to get the right answer.

Tip 3: Keep it in Perspective

Closing fees are a part of life when it comes to a mortgage. Understanding what to expect is the best way to avoid surprises when you go to close on your loan. This means carefully reading your Good Faith Estimate as well as all your documentation to make sure that no extra fees will be charged for any reason.

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