No one said that buying Fall River MA homes was cheap, and we are not just talking about the prices of the houses here. There are other fees and expenses that you need to take into consideration when you are planning on buying a new house; assuming that all you need to pay for is the asking price for the house in question is one of the biggest mistake you can ever make. One of the expenses that really add to the cost of buying a house is the closing costs, fortunately for you there are certain measures that you can take to somehow lower these costs.
Get The Mortgage From Your Own Bank
If you have been using the same bank for many years now, then you should try to get your housing mortgage from there. If the bank deems that you are a loyal customer, then they may provide you with much lower closing costs as compared to other banks as a perk for sticking with them all these years.
Include the closing costs in the mortgage
Most people would only include the price of the house when they apply for their mortgage, but if you cannot afford to pay most of the closing costs out of your own pocket, then it may be wise to include that amount in your mortgage application. Although this does not technically reduce costs, it does make it a bit easier for you to make the payments.
Get a “good faith estimate” from your lender
A good faith estimate is an itemized list that contains all of the fees that is connected to the loan, and these must be provided by the lenders within three days of your loan application. With these you can easily compare the rates of different banks/lenders so you can go with the best one; you can also use these forms as a form of leverage when negotiating with lenders so you can lower their prices a bit.
Now if you are not really familiar with the technical terms within the GFE, then do not be afraid to ask your lender to explain them to you. If the lender says that they do not have the time to explain every detail to you, then you should just disregard their offer and move on to the next lender.
Hopefully, these tips will be able to somehow lower the closing costs when you are out shopping for Fall River homes, even just by a small amount.