Frequently Asked Questions |
| Q. | Why is my real estate or mortgage professional insisting we use particular providers, not the folks that I found through your fair closing costs website? |
| A. | Your agent or mortgage person may have a good working relationship with someone that has proven reliable, competent, and fast. Or, there may be a business relationship that motivates your representative to refer business to a particular provider because he or she receives something of value for the referral. Ask your representative why it is so important to use so-and-so. Be open-minded to what your representative has to say just as he or she needs to be open minded about your desire to keep your closing costs low. Unless you find a compelling reason to pay more, I’d go with the low-cost provider that you like. |
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| Q. | My mortgage professional said I’m not allowed to pick the appraiser. Is this true? |
| A. | No, unless he or she can show you written regulations or that the appraiser is on the particular lenders’ exclusion list. Lenders have every right to be legitimately concerned that they receive an objective and accurate appraisal as they are giving you the loan, using the subject property as collateral. More importantly, you have every right to make sure that the appraisal valuation is accurate, that you are not over paying on a purchase transaction or they aren’t low balling you on a refinance as an excuse not to give you the loan. Given the recent unhappy history of some lenders pressuring appraisers to inflate property appraisal values, you also have a legitimate stake in making sure the appraiser is objective, void of cronyism or nepotism. As long as you are paying for the appraisal and you have no relationship with the appraiser your mortgage professional should accept your choice. |
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| Q. | Why am I anonymous to the settlement service providers on your fair closing costs website until I directly contact those that I want to further consider? |
| A. | Most mortgage and real estate related websites are nothing more than veiled lead generation sites that inundate consumers with unwanted, annoying sales calls. We believe that your shopping experience will be faster, more efficient and overall a better experience if you have the control to engage with only those providers that interest you. |
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| Q. | I don’t know any of these providers displayed. How can I check up on them regarding their service quality, speed and price? |
| A. | You can ask them for the names and contact information for the last 3 clients that they assisted in your community and then contact those references. If their service requires a state or local license, you can check the licensing agency to see if their license is still valid and check to see if there are any commendations or complaints listed. Before turning their contact information over to your real estate or mortgage professional, you should ask them for a written guarantee of price and exclusions from pricing guarantees, turn around time and the details of the service they are providing and warranting. |
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| Q. | You have 9 categories of providers on your fair closing cost website. Do I need to use all 9? |
| A. | No. Our intention is to broaden your options as some providers may not be necessary or required but you may find value in paying for peace-of-mind or double checking someone else’s work as a home is a huge investment. For example, your state may not require a property surveyor but you might want to be sure your property lines are correct before you complete your purchase transaction. Or, you may want to double check that there are no termites or the termites (if found) aren’t more severe than the seller provided termite report. |
