Costs of closing mortgages rising

An online survey done by Bankrate.com showed that the costs of closing a mortgage have increased due to increasing origination fees, an August 5 article from USA Today stated.

According to the survey, the fees for acquiring a single-family mortgage loan worth $200,000 increased by 6 percent last year. Inside Mortgage Finance publisher Guy Cecala said higher interest rates caused the increase of origination fees, as lenders increased these fees to increase their profits.

Increasing mortgage rates and costs may cause you to have difficulty in paying your mortgage on time, leading to a possible foreclose your home. However, if this happens to you in Birmingham, you may explore other financial that may prevent your home from being foreclosed. To learn more of these options, contact the legal team at GREENWAY BANKRUPTCY LAW, LLC, by calling (205) 324-4000 today.

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