Throughout the process of securing a home loan and buying a home, you will encounter a series of costs outside just your down payment. Costs that accrue during the mortgage process and outside of the principal and interest on your home loan are called closing costs. Mortgage closing costs can be roughly divided into four categories: Lender Fees Third-Party Fees Prepaid Items Escrow Account Funds Each category is important to a successful closing, and protects both you and your lender. Buying a home is an exciting investment and an important step in your life. The costs in each category are designed to help minimize risk associated with such an investment. Lender Fees Your mortgage lender will require certain fees to process, approve, and fund your loan. These are often the most straightforward loans, and you should know what to expect… Read More
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