Navigating Closing Costs in Oregon

Portland, Oregon Real Estate

Navigating Closing Costs in Oregon

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It seems like every week mortgage rates get lower. If not lower, they certainly have not increased in a while. With mortgage rates so low, this must be a great time to buy a home or refinance your current home in Oregon. Financing is cheaper than dirt, right?

Maybe. The trick to keeping your costs down is to avoid paying inordinately high closing costs. If you have shopped for a loan recently you know that rates vary all over the board. Comparing one lender with another is difficult due to the up-front fees they charge. Lenders have been known to add or inflate fees in the final stages of your loan.

The good news is, the U.S. Department of Housing and Urban Development (HUD) is on the case. They are developing guidelines and regulations that "promise" to simplify the mortgage process and save consumers in Oregon up to $1,000 in fees and closing expenses. The bad news is, exactly when these regulations go into effect is unknown.

For now, however, with few regulations to help you, consider a few of tips for keeping closing costs under control.

Get to know your lender. If you are planning to refinance, the first call you make should be to your current lender. You have an existing relationship, they know everything about you and your home and they may be able to streamline the process. That could save you a lot in paperwork as well as money.

Ask questions about the fees that show up at your final closing. Things such as credit report fees, appraisal fees, document preparation fees, title fees and recording fees add up quickly. On a $200,000 mortgage, fees may add up to over $3,000.

Lenders are required to provide a good faith estimate of closing costs within three days after you apply for a loan. This written estimate is your best source to use to question the fees. After reviewing the fees, you may want to negotiate a better deal.

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Tags: • negotiate • appraisal • tips • expenses • regulations • hud • financing • refinance • costs • closing • good faith • mortgage fees • recording fees • document preparation • credit report • urban development • mortgage rates • buy a home •

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