Buyers of Atlanta new homes will be delighted to hear that in addition to great deals out on the market right now and low interest rates, they can also save money on closing costs. New changes to loan rules make it easier than ever to understand and prepare for the costs that must be paid at the table. If you are willing to shop around, you can save even more. The Equifax Finance Blog explains all about it in the article, “Mortgage Closing Costs Fall as Consumers Save.”
The Good Faith Estimate (GFE) is a new tool buyers have to judge how much lenders will charge for everything in the loan, as well as within 10 percent of what third parties will charge. This will give you a good idea about everything that is included in the closing costs involved with your lender, from fees and expenses to third party services like title insurance, appraisals, credit reports and more. Finally, this will also show you the cut that local governments will require to prorate your taxes and formally transfer ownership. To receive it, you simply have to ask for it when your loan is accepted.
If the total of the closing costs seem like a lot, you’re right. Thankfully, in addition to being able to clearly budget for these costs, you can rest easy knowing that they are going down. The average cost to close a $200,000 mortgage in the United States went down seven percent last year, while third-party fees went down as much as 12 percent.
To learn more about how you can save money with real estate, build a better budget or protect yourself from identity theft, check out the Equifax Finance Blog today!