Which Closing Costs Are NOT Negotiable?
I posted some of the closing costs that were negotiable iyesterday, what about list of closing costs are not negotiable? Here they are:
804 Credit report (this is what the broker pays; he/she cannot charge you more) —$20 809 Tax-related service fee (taxes are taxes) Flood certification fee—$18 MERS fee (a fee for accessing the automated underwriting system) —$3.95 Closing agent courier fee—$25 901 Pre-paid interest (the daily interest you pay if you close on your home before the end of the month) $27.28 a day 903 Hazard insurance premium—$600 1001 Reserve for hazard insurance premium (two months at $50 a month) —$100 1002 Reserve for mortgage insurance premium— (one month at $109.13) —$109.13 1004 Taxes and assessment reserves (four months at $73 a month) $292 Compensation to broker (also known as Yield Spread Premium, this is the fee the lender pays the mortgage broker. It is usually 1% to 3% of the loan. The higher the YSP, the more you can negotiate your interest rate.) 1201 Recording fees—$52
Again, this list is via USA Today.
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