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Which Closing Costs Are Negotiable?

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I wish I read this article before I bought my house because I didn’t negotiate any of my closing costs. I thought I was under the gun because I needed the closing done within 2 weeks, a seller requirement, so I went with the mortgage lender that my real estate agent recommended. The good faith estimate was spot on and it was lower than what Lending Tree’s closing cost estimates were so I didn’t think to negotiate anything. That being said… always try to negotiate, even if you think you have a pretty good deal already (don’t worry, they won’t walk away).

Here are the fees you can usually negotiate:

801 Loan origination fee (the fee you pay to the lender — can be 1% of the loan but is zero if you use a mortgage broker)
802 Loan discount (you can choose to “buy down” your interest rate)
803 Appraisal fee (these fees tend to be standard, but you can choose your own appraiser) —$350
Administrative fee (Lender) —$525
1107 Attorney fees—$595
1108 Title insurance (you can select your own title insurance company and often save big) $478.75

via USA Today.

{ 7 comments, please add your thoughts now! }

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7 Responses to “Which Closing Costs Are Negotiable?”

  1. prlinkbiz says:

    Everything is negotiable! You can have all closing costs covered, you can get cash back at closing, there are so many things you can do!

  2. Tom says:

    Hey –

    That’s a great list. My dad was always the one to negotiate at the table when he first purchased his house. When it came time for me to buy a house, I didn’t even know these things are negotiable. My dad has been the one to drill it in my head that like prlinkbiz said, “Everything is negotiable.”, haha.

    Take care,


  3. jim says:

    Of course you can always get someone else to cover your fees but I think these fees are the ones that the lender can change and later on there will be a post on fees that they can’t, like taxes and such.

  4. Hazzard says:

    I just closed on the purchase of a second home and was amazed at the difference in prices from one escrow company to the next. I called around and got a couple different quotes. The one we went with (large reputable company) was roughly 30% cheaper than the first place I called. My only regret was that the first place I called was the company I’d used to purchase my last house. I’m starting to wish that I’d called around on that one.

  5. Star Money Articles for the Week of August 28

    Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Five Cent Nickel asks how much life insurance do you need? Blueprint for Financial Prosperity lists which closing costs are negotiable. Consumerism Commentary g…

  6. Weekly Roundup – 09/01/06

    Jim talks about which closing costs are negotiable. Definitely worth the read if you’re in the market for mortgage. The only thing that Jim doesn’t provide in his writeup is the backbone necessary to stand up to the lender and make them low…

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