Today we are answering your questions about closing costs. First, what are closing costs?
At the closing table, the three kinds of expenses buyers can expect are the down payment, one-time closing fees, and pre-paid items.
Let’s begin by talking about down payments. A down payment is a deposit made toward the cost of the home, and usually amounts to a specific percentage of the total list price.
Next, closing costs are one-time fees associatedwith the home purchase. This includes the appraisal fees, the survey fees, the lender costs, and the cost of title insurance.
Finally, prepaid items are recurring charges. These are things which you will pay continually as a homeowner, such as homeowners insurance, property taxes, or mortgage insurance.
The amount of money that you bring to closing will vary based on the price of the house, your down payment, and your creditworthiness.
If you have further questions about this or anything else real estate related, please give me a call. I would be happy to speak with you.