Equal Home Finance Bureau ALERTS!

Watch Out For Surprise Closing Costs

Time and time again, there are reports of surprise closing costs, much higher than the ones quoted originally or brought on when no closing cost is quoted at all. While federal regulations require that mortgage lenders provide a "good faith estimate" of the closing costs, it seems many mortgage brokers are preying on consumers who either totally misunderstand the closing costs issues, or are unwilling to fight back. At the closing table, about to purchase a home, the sudden surprise of closing costs may be outweighted by the consumer's desire to get the loan and move into the home. And, after all the papers are signed, may feel they don't have the time to fight it.

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