As a Boston buyer’s real estate agent, I tell my buyers that when shopping for a mortgage they should not just look at the advertised interest rate but they should also look and compare closing costs.

The interest rates advertised may not apply as a buyer’s credit scores will impact the actual mortgage rate they may be offered. What I have noticed is that many Boston buyers are unaware that its possible to negotiate some of the closing costs.

“Closing costs can run a borrower 3 to 6 percent of the price of a property, according to the Federal Reserve. In 2010, the average cost for a $200,000 purchase rose by nearly 37 percent, to $3,741, according to Bankrate.com, a financial data publisher.

“Most borrowers pay less attention to closing costs, focusing instead on the interest rate offered by a lender. But because many of the fees associated with closing are not set in stone, consumers should review the line-by-line estimates with a view toward challenging them. Lenders are required to outline all the estimated closing costs within three days of receiving a loan application.”

From the New York Times, here.

Good-faith estimate rules, part of a tougher Truth in Lending Act that emerged from the mortgage crisis, mean that lenders must provide a clear picture of the costs involved in buying or refinancing a home. Yet consumers may not realize that some of those numbers are actually negotiable.

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