Closing Costs Lowering on Real Estate

October 03, 2012

Less real estate closing costsWhether you are looking to buy or refinance your current

real estate at the rates which continue to stay near rock-bottom, you are looking at a great way to save money over the long haul. Thankfully, lower costs make this savings incentive even more attractive, and if you are willing to put in some effort and shop around, you can save even more on a Chicagoland new home. The Equifax Finance Blog explains in the new article, “

Mortgage Closing Costs Fall as Consumers Save.”

Closing costs, which are all the various fees, taxes and other amounts required to process a mortgage, have different requirements set by banks, local governments and more third-parties, so they can vary greatly from one transaction to another. The average cost has dropped around seven percent from last year, and the third-party add on costs have also dropped as much as 12 percent.

While this is all generally good news, you have the power to save even more by controlling how much you pay in costs. You can do this by asking up front with lenders about how much they charge, and also asking for a good faith estimate for when your loan is accepted. This estimate will give you a survey of what the lender expects the costs to be, and within 10 percent of that the third-parties will charge. Shop this estimated amount around to find the right savings for you.

For more ways to save money on real estate, credit cards and everyday spending, be sure to check the Equifax Finance Blog. If you have a great personal finance tip and want to win $1,000 or credit monitoring for a year, enter into the

Equifax Family Money Matters contest by Monday, October 15.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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