The dreaded closing costs of a new home mortgage can be as high as $25,000 or more when it's all said and done depending on property taxes, insurance, the price of the home, and legal fees. However, we managed to save $5,300 last month on our closing costs by doing one simple thing...We shopped around for our loan.
You always hear people say to shop around for loans, but how many of us ever take this advice? We've purchased three other homes in the past and have always used the same "trusty" bank that we've always used and never thought much of it. However, when my lawyer told me to talk to at least two banks, for some reason I listened this time. After about 10 minutes of talking to a new bank, I saved $5,300!
They aren't charging me the 1% loan origin fee that my other bank charges. It was that simple. So next time you are in the market for a car or a home, shop around and really have them show you what fees they plan on charging you because you could wind up saving thousands of dollars!