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Negotiating Closing Costs on Your Post-Bankruptcy Mortgage Refinance

Did you know that it costs an average of $2,713 to close on a Missouri mortgage refinance loan? If that’s more than you are interested in paying, you might want to try working with the lender to get lower costs. Here are a few specific tips for negotiating closing costs on a post-bankruptcy mortgage refinance in Missouri:

Negotiable Lender Fees
When you apply and get approved for a Missouri refinance loan after bankruptcy, there are certain fees the lender will ask you to pay at closing. These fees include application fees, document preparation and loan-processing fees. If you are borrowing from a sub-prime lender, these fees may be slightly higher. The good news is that you don’t have to pay them all in full. Instead, you can try to negotiate with the lender to have some of these fees waived or lowered. Since these items do not cost the lender anything out of pocket, this is where you will want to be most adamant in your negotiations.

Negotiable Third-Party Fees
In addition to paying lending fees, you will also be responsible for reimbursing the lender for third party fees on your post-bankruptcy Missouri mortgage refinance. Such fees include appraisal costs and credit report fees. While these fees are harder to negotiate, there is some wriggle room for the lender. There is also a chance that you could use an old appraisal and save at least a couple hundred dollars.

Non-Negotiable Fees
Of course, not every cost is negotiable. There are some charges that you will have to pay on your post-bankruptcy Missouri mortgage refinance no matter what. These charges include taxes, recording fees, and prepaid or prorated interest. You will also be required to pay fees if your original mortgage has a prepayment penalty.