Last Words
Will closing costs be the death knell of your new loan?
Q: I recently refinanced my company's existing debt and was astounded by the loan's closing costs. I almost walked away, but the terms were too good to pass up. Could I have done something to lower my closing costs?
A: Most people are so thrilled to get approval from their lenders, they forget to ask how much it will cost to get the check. Normally, closing costs include commitment or facility fees from the bank itself as well as the fees incurred by third parties to close the loan according to the lender's requirements. These costs may include title searches, appraisals, environmental studies, attorney fees and taxes.
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