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Which Closing Costs Are Negotiable?

Posted By Jim On 08/30/2006 @ 8:53 am In The Home | 7 Comments

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 [3].

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[3] USA Today: http://www.usatoday.com/money/perfi/housing/2006-06-22-mym-side_x.htm

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