How to Save $8,000 in VA Home Loan Closing Costs: A Step-by-Step Guide

Are you feeling overwhelmed by the rising costs of mortgages? Did you know that mortgage costs have increased by 35%? In this video, we'll break down how you can save an average of $8,000 in closing costs by following three simple steps.
Key Points Covered:
Understanding Mortgage Fees:
- How Lenders Make Money:
- Lender Margins
- Underwriting & Processing Fees
- Origination Fees
- Servicing Loans
- Lender Expenses:
- Processors, Underwriters, Support Staff
- Operations, Closing, & Post-Closing Staff
- Marketing Costs
- Impact on Borrowers:
- How these costs are passed on to you through various fees
3 Steps to Identify and Save on Costs:
Step 1: Shopping for a Mortgage
- Utilize the 45-day window to apply to multiple lenders without affecting your credit score.
- Ask each lender for their:
- Underwriting Fees
- Processing Fees
- Origination Fees
Step 2: Applying for a Mortgage
- Request a Fee Itemization Sheet.
- Examine the breakdown of:
- Rate
- Processing Fees
- Underwriting Fees
- Origination Fees
- Discount Points (cost to buy down the rate)
Step 3: Under Contract
- Review your Loan Estimate carefully.
- Ensure it includes the locked rate and a detailed breakdown of:
- Underwriting Fees
- Processing Fees
- Origination Fees
- Discount Points
- If considering buying down the rate, ask for a thorough explanation.
Understanding these components can help you make informed decisions and potentially save thousands in closing costs.
#VAHomeLoan #SaveMoney #MortgageTips #ClosingCosts #HomeBuying #VeteranBenefits #RealEstate
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-- Disclaimer --
DISCLAIMER: VA Housing Education is an education company. VA Housing Education is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This website is only for educational usage. All calculations should be verified independently. This website is not an offer to lend and should not directly be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice.
VA Housing Education is not affiliated with the VA, FHA or any other government agency. This site has not been approved by any government agency.
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[@stefanintech]

On track to save 8000 in closing costs in February, but thinking of bumping it up to 10K for safety. Using VA Loan + 100% service connected

[@vahousingeducation]

That's awesome Stefan! Let me know if you need help or want me to review anything. Here's a link to schedule a call with me: calendly.com/vahousingeducation/30min

[@josecolon8143]

Do you cover Puerto Rico? I’m about to buy a new home and closing most likely be next July. People here are full of mumbo jumbo. Veterans in PR need serious help. Again, do you practice in Puerto Rico? How can I reach you. This is a desperate call for help!

[@Rayyartone]

Ok, once we do what you said and see the documents with all the fees. What do we say to bring down the closing cost being that they are made up. Do we ask them to remove some of the 3rd party fees and if so which ones?

[@vahousingeducation]

Hi Ray, I'd have to see the Loan Estimate or Fee Itemization to see if you are being charged junk fee's. You can submit what you have here and I can let you know: bit.ly/EstimateReview

[@josecolon8143]

I can send you the pre approval which is broke down with a plethora of numbers 🤯 for you to take a look and guide me. 🙏🏼🙏🏼🙏🏼🙏🏼🙏🏼🙏🏼🙏🏼🙏🏼

[@vahousingeducation]

Good talking with you today brother! Man, does Puerto Rico banks charge crazy $$ for VA Loans.

[@josecolon8143]

@@vahousingeducation yes they do! I’ll be waiting for your next call!