Ask around and there’s people who’ll say buying real estate makes more sense now than it probably ever has. High end South Florida homes are hundreds of thousands of dollars less and mortgage rates remain low and agreeable for buyers with outstanding credit. The slight and quite obvious requirement is having to possibly endure the loss of some money that was invested, correct?

Ultimately yes but if a buyer has calculated their expenses down to the cent, they may have overlooked one thing that catches many by surprise during the home buying experience: mortgage closing costs.

Just when it’s least expected, a lender can easily add additional fees to a mortgage loan. Fees that can be something as seemingly trivial as application processing or having to take the time to make sure a borrower who is looking to purchase a Miami Beach condo is not a financial liability. They may seem unimportant but these mortgage fees can quickly add up to over a thousand dollars. There are solutions in the works to simplify the application process, all of which have yet to see the light of day. However, options are available for borrowers looking to circumvent the fees attached to these real estate contracts.

A good way to start is by “getting cozy” with a lender. Becoming a repeat customer of sorts allows borrowers much more leeway in terms of what can be negotiated or removed from the equation. This can be anything from removing those aforementioned trivial fees to agreeing on financing terms that are highly uncommon.

One thing all home mortgage lenders are required to do is inform borrowers on how much they may end up paying, in other words an estimate. This estimate often includes many but not necessarily all of these fees. Borrowers with optimum credit can potentially have some of these removed if they seem unnecessary or too costly. In the end however, always remember to put the lowest mortgage rate above anything else, fees included. They may become unimportant when compared to the long term savings.