🏠 How much could you save on your mortgage loan fees?
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👋 Introduction
A first-time buyer on Reddit recently shared their Loan Estimate for a $260,000 mortgage, asking if the fees were crazy. When you are about to sign for a quarter-million dollars, understanding what you are actually paying matters. This is the moment to push back if fees seem high, before you are locked in.
Use this calculator to see how much you might save by shopping around or negotiating your closing costs.
📝 Your Loan Estimate
Grab your Loan Estimate document. Look at Page 2, specifically Box A (Origination Charges) and Box C (Services You Can Shop For). These are the areas where you have the most leverage to negotiate or find a better deal.
🎯 Target Fees
A competitive lender often charges around 0.5% to 1% of the loan amount in origination fees. For title and other shoppable services, getting quotes from independent providers can often save you 15% to 20% compared to the lender's default recommendations.
🔗 See Also
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For further related reading, check out:
📊 Results
Target Box A fee
Box A savings
Box C savings
Total potential savings
Bottom line
Shop around
Calculator updated by heyfinfam (v26.8.6) · View history
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Disclaimer: This content and any calculations provided are for informational purposes only. The views, calculations, and methodologies expressed are those of the author and do not necessarily reflect those of this platform. Not financial advice. Users are solely responsible for any decisions made based on this information.