Ways to Save on Real Estate Closing Costs
Now more than ever, it is important that homebuyers and sellers in the DC metro area reduce their closing costs – without sacrificing the quality service they deserve.
Consumers are spending more for a home at a higher interest rate, so why settle at a higher cost for low rated title service elsewhere?
Homes in the DC metro area are selling at a median increase of nearly 6% year over year.
On top of paying more to buy or sell their home, consumers are unknowingly giving away more money than they have to when they close with title companies who participate in affiliated business arrangements with real estate brokerages.
Adding to the strain, mortgage interest rates climbed to 10-year highs in July, and rates will continue to increase with seven interest rate hikes planned through 2022.
Shopping title fees is the best route to savings at closing. Real estate agents may provide brokerage credits, and mortgage loan closing cost credits can help reduce the cost to the consumer. However, title fees make up nearly 70% of closing costs.
Federal Title has served the DC/MD/VA region for 26 years as an independent title company that eschews affiliated business arrangements and any other arrangement that would increase the cost of closing to consumers.
Because we’re independent and rely on our competitive fees and service to drive business, we continue to provide the highest level of customer service compared to our competitors, as rated by Google and Yelp, at a price that doesn’t further burden the consumer.
Federal Title is an independent title company, meaning Federal Title does not pay an affiliated brokerage for business.
These arrangements are commonplace in the metro area, and the burden of the arrangement is put on the consumer in the form of high settlement fees.
As a consumer, know that it is your exclusive right to select your title company for settlement. Federal Title encourages consumers to shop around for title fees. Consumers will find that Federal Title’s fees may be over $2,000 less than our competitors.
If you want to lower closing costs at your upcoming settlement, compare title company fees and services before you begin your homebuying journey. Ask your real estate agent to compare Federal Title with other preferred title companies.
What else could you do with an extra $2,000?