Mortgage Fees to challenge?

[Thomas N.]

Hi All, In the middle of obtaining a mortgage for a property in NY. Estimated closing cost is at $20k. Are there any fees I can negotiate or challenge with the bank? Some of the fees listed in the closing statement are ambiguous. Thank you.

[Chris Mason]

Originally posted by @Thomas N.:

@Melvin List - no I didn't go over the fees line by line because I'm sure the loan officer would be very convincing that those fees are non negotiable.  Looking for fees that banks will be willing to waive or lower if I asked. Thanks.

 You can swap fees for rate, rate for fees, all day long.

Typically most of the line-item fees you are looking at are 3rd party fees. We estimate on the high end upfront and if they come in lower then no biggie. If we estimate low and they jump up, then it's a huge compliance issue.