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Closing costs are assessed by the mortgage company in order to officially close the sale of a home and title it in the name of the new owner. While many of these fees are unavoidable, there are some ways to save on closing costs.
#1 Titling Fee
You can go to the city or town registrar yourself to submit all the documents needed to re-title your property and arrange the lien. The lines can be long, and you need to have enough time to handle the process correctly. You can save about $100 by doing this yourself.
#2 Background Check
If your lender is requiring a background check, you can be assessed up to $100. You can run the check yourself and have the results delivered to the lender directly for about $30. You can do the same with a credit check if you subscribe to a credit monitoring service, you can avoid any additional fee.
#3 Income Verification
If you allow a mortgage lender to independently verify your income, you will be charged. Instead, turn in a tax statement or income statement from your lender. This will not only save you money, but also get your loan processed faster.
