LowerFees Inc. provides real estate consumers with fee transparency and reduces the confusion about the charges during a real estate transaction. The web portal is an "open marketplace" to breakdown complicated vendor fees for closing costs. In other words it provides a Good Faith Estimate for the transaction that compares fees from multiple vendors (line item by line item).
With consumers being charged as much as $55B in real estate closing costs last year, LowerFees is positioned to help save up to $21B in junk fees. Source: LowerFees Inc.The bottom line is that LowerFees.com compares fees from local vendors, allowing consumers to make educated real estate decisions.
LowerFees.com currently offers the following products to aid the consumer:
Quick Quote:
Through the website's database of more than 10,000 real estate service providers, users simply input their property type, estimated property value/loan amount, occupancy type and zip code into the Quick Quote system and will instantly find the lowest closing costs for their transaction.
Fee Analyzer:
When consumers enter their fees in the Fee Analyzer, they receive a detailed explanation of each fee and whether that fee is common or not.
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