Even after the new regulations imposed by the Truth-In-Lending/RESPA Integrated Disclosure (TRID) rules and disclosure forms implemented in October of 2015, a shockingly large amount of homebuyers still say their final closing costs caught them by surprise. Some are even unaware that closing costs were even required costs associated with their loan. ClosingCorp, a provider of real estate closing cost data and technology, has released results of a new on-line survey that explored whether TRID has helped consumers better understand the closing costs associated with purchasing a home. When asked what surprised them about their closing costs, 31 percent of homebuyers were not surprised at all about their closing costs because their loan estimates and closing fees matched. However, 35 percent expressed surprise that their costs/fees were higher than expected while 17 percent said they hadn’t expected they would be required at all. As local trusted expert lenders in the Charleston area, we find this unacceptable and pride ourselves on taking the time with each and every one of our valued clients to clearly explain the costs and fees associated with a home loan; which are often foreign terms and important for the consumer to understand fully and clearly. Here we list the top five closing costs that most surprised homebuyers: 1. Mortgage insurance (24 percent) 2. Bank fee/points (23 percent) 3. Taxes (22 percent) 4. Title insurance (21 percent) 5. Appraisal fees (20 percent) and fees paid by the buyer vs. seller (20 percent). Fifty-eight percent of those polled said their initial loan estimate had changed or been revised prior to closing. If you have ever been through the loan process, you know that one of the items that is frustrating is waiting on the costs and fees to be confirmed and finalized per the lending process. Your lender should be able to receive most fees upfront or take the time to get very close estimates. Zach Larichiuta and the Lucy Lending Team, always takes the extra steps to research fees and make sure what we are providing to our clients is accurate, transparent and clear as possible. Buyers said the fee estimates most frequently changed were closing costs (12 percent), insurance costs (6 percent) and taxes (5 percent). The most common reason homebuyers cited for revisions to their closing costs was changes to the loan based on what they qualified for (31 percent). Other reasons given were inaccuracies in the estimate (27 percent) and a change to the loan because of a homebuyer request (23 percent.) The majority of respondents, 72 percent, said their loan estimates and closing disclosures were delivered electronically. ClosingCorp pointed out that was also the percentage of all respondents falling into the Millennial age group. Half of all homebuyers said they selected had picked the title company involved in their closing. Of those who did not, 35 percent said their real estate agent had selected it for them. The report said this suggests that agents, as the homebuyers “first touch point,” have a lot of influence on their customers. Closing in South Carolina is a different process than many other states in the U.S., as we are an attorney closing state; which means an attorney must be present during the loan closing process. This requirement heightens the importance of using a local, trusted, accredited loan officer like Zach Larichiuta and his Lucy Lending Team. He can knowledgeably guide you through the process and has long standing relationships with attorneys in the Charleston area, as well as tenured experience with the lending and closing process. Choosing Zach Larichiuta as your local, Charleston lender can make all the difference in your experience being a smooth, seamless one, saving you money and avoid and alleviate stressful surprises as depicted from this survey. Contact Zach and the Lucy Lending Team today to set up a face to face appointment or speak on the phone and see how we can assist you with all of your financing needs. We look forward to developing lifelong relationships with our clients and always being available to you for any questions or mortgage needs. Zach and the Lucy Lending Team www.charlestonmortgagelender.com 843-469-9010 [email protected] #closingcosts #fees #shocked #mortgage #financing #lending #lender #broker #trusted #local #loanofficer #loanoriginator #charleston #chs #realestate #homebuyer #lucylendingteam #zachlarichiuta