$ 80,000 home....What to do after pre quilifying? How much closing cost should i expect?How to get aroundthese

Answer 1

If you have decent credit, you can negotiate the fees. Just tell your lender or loan broker that you are "shopping for a lender" and are looking for the best deal for the lowest fees. If your credit sucks, you probably are stuck with high fees. Most of the time, you can tie the fees into your loan though if you don't have the cash to pay them at closing. Shop around! Your Realtor knows lots of lenders.

Answer 2

Ask the seller to contribute toward closing costs in your purchase contract, this can eliminate up to 3% or 6% of the price of the home, depending on the exact lender and program.

Another way to avoid these costs is to pay a higher interest rate that the lender will often times take instead of up-front costs. Either way you end up paying for the cost somehow.

You could shop for the best deal, but that can be dangerous business, as most good lenders are very competitive to begin with and if you go for the lowest pricing, expect the lowest results. Any real estate agent that tells you to shop around is dangerous - will they cut their fees? If so, what service or quality would suffer?

Many Real Estate agents think they know about financing, usually more than they actually do. The problem is they push certain programs or ask for lower pricing and the borrower ends up suffering in many cases because they get a sub-par mortgage term or less qualified loan officers. Don't get stuck due to the advice of someone who doesn't have ALL of the information - get a good, solid, honest mortgage broker for your best results overall and a long-term relationship that can last a lifetime. Perhaps one of your family members or friends has found one, rather than asking a real estate agent each time - ask around

Answer 3

These are things best handled by your Agent. If you don't have one get one now. You are too unfamiliar with the process obviously.