In this episode, I talk to Jay Sills from Barrett Financial who explains the components of closing costs in a mortgage transaction. He details the sections of a loan estimate: lender fees (Section A), non-negotiable services (Section B), and services that can be shopped for (Section C). He emphasizes the importance of understanding homeowners insurance, which must be paid upfront, and notes that lender fees can be negotiated. Sills also discusses the impact of appraisal costs, which are set by third-party appraisal management companies. Jay advises getting a homeowners insurance quote early and highlights that closing costs can vary based on the day of the month the loan closes.

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Disclosure: Jay Sills is my brother and the person who inspired this podcast. If you connect with him through Someone Had to Ask and close a loan with Barrett Financial Group, I may receive a referral fee. The topics we cover and the questions I ask are not shaped by that arrangement — my only goal is that you walk away better equipped to ask better questions.

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Music: "Easy Lemon (60 second)" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 4.0 Licensehttp://creativecommons.org/licenses/by/4.0/

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