I usually do not get a call to handle a real estate purchase until after the client has signed the contract and has chosen a lender. This is fine, but when choosing a lender, it is very important to know exactly what you are being charged. Real estate closings may involve numerous types of fees from the lender. When choosing a lender, always demand a written Good Faith Estimate of Closing Costs ("GFE"). This form will detail the fees that are being charged by the lender and an estimate of fees for title, attorney and recording fees.
Save this form and bring it with you to closing. The lender fees should not change at all from the time you received the GFE at application to the time you are sitting at the closing table. If they did change, you should have received a call and an explanation from your loan officer well before closing.
New laws and lender requirements force lenders to be more upfront and transparent with their fees and charges. Just make sure that you are paying attention.
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