The costs of closing a mortgage were observed to increase due to high interest rates, according to a recent article published by USA Today.
In a survey conducted last June by Bankrate.com, origination fees increased by 8 percent while other fees were observed to increase by 1 percent. According to one industry insider, lenders were looking to continue earning a profit and needed to increase fees to do so. On the other hand, Doug Lebda stated that lenders increased their costs due to having to do more underwriting loan works.
Guy Cecala, publisher of Inside Mortgage Finance, advised consumers to look for fees that may add up to the cost, like underwriting fees and other processing fees.
Unfortunately, the increasing costs of mortgages can ultimately lead to serious financial troubles down the road. If you are having difficulty paying your mortgage or are facing other financial difficulties in Florida, call lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today to find out what your options are.