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Wednesday, December 06, 2006

Eliminating junk fees from closing costs

Heard about a new Web site called LowerFees that will help bring more transparency to the closing costs when buying homes. According to the Web site,
consumers were estimated to have been charged $55B in real estate closing costs. The site claims that it can help save up to $21B of these costs in junk fees.

I hope the site does what it claims to do. When I bought my house, I was surprised to see all the junk items that were included as part of the closing costs. What was surprising was that the closing costs were much higher than the good faith estimate I was given. Unfortunately, since we found out about the actual closing costs only at closing time, there was not much I could do. Hopefully, by bringing greater transparency as well as increasing the competition between different lenders, the site will help eliminate many of the junk costs and reduce the overall closing costs.

posted by Ruby @ 7:34 AM

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