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Home Loans

Home Loans 101: Preparing Yourself for Closing Costs
(presented by www.refinance-refinance.net - mortgage lenders)



By Brandon Cornett

Closing costs are the fees and adjustments owed at closing (or “settlement”) by both the buyer and the seller. Closing costs may differ from state to state, but the following information will help you understand the types of costs you might incur.

Prior to closing day, your lender should give you a list of itemized closing costs associated with your loan. The list should be exhaustive, but sometimes it is not. Some of the most common items missing include: attorney fees (if any), tax adjustments, oil adjustments, title insurance gratuity, and other closing adjustments.

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If you find any of these items missing from the closing cost estimate provided by your lender, ask your lender about them. Request a detailed list of ALL possible adjustments and fees you might incur.

Closing costs are paid by the buyer, or the seller, depending on the cost. For example, the seller will pay a sales tax or conveyance tax in most states. In some cases, the seller even pays the closing costs of the buyers. When the seller pays these closing costs, it is referred to as a seller

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This entry was posted on Monday, September 18th, 2006 at 2:35 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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