Know your closing costs

When financing real estate, it is important to scrutinize all closing costs that may be involved, as these fees can really add up and impact the overall cost of the loan.

Some common fees to watch out for:

• Escrow closing fees
• Recording fees
• Title examination fees
• Home inspection fees
• Credit report fees

Some fees are unavoidable, while others may not actually be necessary. That said, be sure to understand exactly what you are paying for when closing a mortgage loan.

Ask your mortgage broker or banker for a list of the closing fees to expect with your final transaction and question any fees that may not be appropriate. Get as many fees waived as you can – every little bit helps.