WESTLAKE VILLAGE, Calif., Dec. 5, 2006 (PRIME NEWSWIRE) -- Consumers will now be able to take control of ever-increasing real estate closing costs and eliminate junk fees with LowerFees, Inc. Launching this week, LowerFees.com provides consumers with online tools such as the Quick Quote and Fee Analyzer that provide fee transparency and reduce confusion about fees such as e-mail document, title search and copy fees, all found on the consumers Good Faith Estimate during a real estate transaction.
"Consumers were charged more than $50 billion in real estate closing costs last year," said Michael Kratzer, president of LowerFees, Inc. "Our site compares fees from a variety of local vendors, empowering consumers to make smarter real estate decisions."
LowerFees.com currently offers the Quick Quote and Fee Analyzer tools, and is in the process of developing additional products to aid the consumer. 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. 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.
"In many cases, first-time home buyers, women, minorities and credit challenged individuals are at risk for discrimination by being charged for higher closing fees," said Mark Zimmerman, chief executive officer of LowerFees, Inc. "The mortgage process can be confusing, and some service providers may take advantage of the consumer's lack of understanding. LowerFees.com provides free tools that consumers can use to educate themselves on the real estate and mortgage processes, which helps them save money on their closing costs."
LowerFees, Inc. eliminates the confusion associated with real estate and mortgage transaction fees. The website empowers consumers to make informed real estate decisions by providing free tools that create an open marketplace where anyone can access vendor fees. The website allows real estate service providers to set themselves apart by providing their clients with valuable analytic tools and an increased online interactive presence. For more information about LowerFees, Inc. visit www.lowerfees.com.