Ways You Can Save at Closing

By: RCB Bank | Category: Financial Services | Issue: October 2018

Get$Fit Tip: 
Compare lender fees for better savings.

Get$Fit Tip: Compare lender fees for better savings.

Did you know closing costs vary between lenders? If you want to save the most money on your closing costs, it pays to shop around. Here's why.

Interest rates are restricted by market conditions. Your options are limited.

Buyers often shop interest rates, choosing the lowest rate possible to help their overall savings over the life of the loan. Yet, rates change daily, sometimes more than once per day depending on different economic factors.

When comparing lenders’ rates for secondary market financing, all lenders base their rates off the same market trading; therefore, all quotes should be similar, typically within .125 percent, .250 percent at most.

Lender fees vary from lender to lender. You have more options to lower your costs.

Lender origination charges, application fees, processing and underwriting fees can vary significantly between lenders. The best way to compare lenders is to request Loan Estimates. Their fees will be listed under Closing Cost Details on page 2, section A.

You can also cut costs by comparing home insurance coverage and premiums.

Oftentimes, the largest expense on your Closing Disclosure is home insurance, another expense that varies between companies.

Generally, you will need 14 months of home insurance set aside in your escrow account paid at closing. If you choose a policy that charges $1,800 annually versus a $2  ,500 annual policy, you can save $800 at closing.

Know where your money is going.

Ask your lender plenty of questions. A good lender can answer all your questions and make you feel comfortable about your spending decisions. Buying a house is one of the most expensive things you will buy. Why spend more than you have to?

Invest in yourself. RCBbank.com/GetFit

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB, RCB Bank is an Equal Housing Lender and Member FDIC. RCB Bank NMLS #798151. Alex Penny NMLS #1535836.


« All October 2018 Stories

RCB Bank Financially Fit

For more information, contact:


More about RCB Bank Financially Fit:

Top Stories

Supporting Neighbors Through Wine, Eats & Easels

What is red, white, tastes good and has art all over? If you guessed Wine, Eats and Easels, you’re right! Slated for Friday, Oct. ... Read more »

The Fall Home Expo: Resources For Everything Home

Celebrating its 5th anniversary as the only fall season home and garden show in the Tulsa market, the timing could not be better on its new earlier weekend. ... Read more »

A Big HeART Event

Looking for a fresh, creative place to do your Holiday Shopping?  The 2018 Heart of Broken Arrow Arts & Crafts Show is just around the corner.  The event i…... Read more »

Linde Oktoberfest Tulsa Celebrates 40 Years

Linde Oktoberfest Tulsa celebrates an authentic Bavarian culture in the heart of Oklahoma, and represents an incredible setting patterned after Oktoberfest Munich in Bavaria, Germany. ... Read more »

Halloween Festival Showcases New Events

The Halloween Festival at the Castle of Muskogee is just around the corner! ... Read more »

Jersey Mike's: Voted Best Sub in Virtually Every Market We Serve!