Mortgage CLOSING COSTS (How to AVOID PAYING TOO MUCH)

Understanding what closing costs are, how much you can expect and how you can avoid paying too much when you close your mortgage for a new home is incredibly important. In this video, I share valuable information to give you a serious advantage when it comes time to shop for your mortgage. This video includes a bonus strategy which many folks are ignoring today, leaving thousands of dollars on the table.

Broadly, closing costs can be defined as any fees you are required to pay in order to close your mortgage. There are tons of services and processes involved in getting your loan from application to closing which trigger various fees including lender origination, appraisal, title insurance, home insurance, etc.

The amount you will pay in closing costs cannot be precisely boiled down to a percentage of your purchase price or loan amount. The details of your transaction, including the property state, property type, loan program, etc. drive many of the variables involved. The only practical way to get an accurate estimate for the amount of closing costs you will have to pay is to obtain a fee estimate from a lender. If you call me, whether you are planning to do a transaction soon or years from now, I won't bombard you with follow ups and automated emails. I'll simply provide the information you are looking for so you can be better informed.

Finally, the best way to avoid paying too much is to shop around to find the best rate/lender fee combination and to compare quotes between different title companies. Many people don't realize that most of the time, title fees are going to be much more vs. lender fees, BUT it is extremely rare that folks ever shop around to find the best deal on title insurance. From there, I recommend simply being in close communication with your various service providers and to ask questions.

Mark Anderson, NMLS# 374393. Vice President/Mortgage Banker at Paramount Bank, NMLS# 551907. Equal Housing Lender. FDIC Insured. Paramount Bank is licensed to lend in ALL 50 STATES. Call or text me 24/7 to apply 314-599-0511 (that's my actual cell phone, not some sort of 'lead capture' bot.) Email me at: manderson@paramountbank.com. Please comment with your questions on the video - I aim to reply to all comments with answers.

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The lowest rate for your mortgage varies based on a lot of factors: credit score, loan amount, appraised value, down payment, property type (single family residence, condo, multi-family), income, etc. In addition to offering rates I believe you will find to be very competitive, I also help folks to optimize the various factors involved to obtain the best rate possible.

*I chose the domain, BESTMORTGAGEANSWERS.COM, to differentiate myself from the average mortgage loan officer by emphasizing the value I bring to my clients as an educator and consultant, not as a salesperson.

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About Me: I have worked as a mortgage loan officer since 2005 and have closed nearly $500 million in loan volume, all across the country. With my zero-pressure, consultative approach, I'm a great fit for first time home buyers, but also for anyone that is looking for high quality, transparent mortgage information. Paramount Bank is licensed to lend in all 50 states. I'd love to hear from you, whether you are looking to purchase a home or refinance. I live in St. Louis, Missouri, with my wife Rachel, along with our 3 cats and 13 chickens.

About Paramount Bank: We are a mortgage-focused bank and direct lender, with access to nearly every mortgage program in the universe: Conventional, FHA, VA, Jumbo, Construction, Renovation, Bridge Loans and specialty programs for self-employed borrowers.

If you are reading this far down, I'd like to thank you by inviting you to TEXT me 'JOIN' to 314-599-0511. I'm experimenting with a new platform that will allow me to deliver a select number of people CUSTOM daily OR weekly rate updates for your unique scenario.