Let's Discuss Closing Costs!

Closing costs are fees paid at the closing of a real estate transaction. Closing costs are incurred by both the buyer and the seller. In some instances, your agent can have those fees negotiated. The seller may agree to pay a part of the buyers fees or all of the closing costs! Let me elaborate a bit more with the help of my favorite loan officer, Stephen Thorne of Equity Resources, Inc...

Closing costs are typically broken into two sets of cost.

What is called “closing costs” are the one- time fees, associated with getting a mortgage. These are typically:

-Lender fees such as origination or underwriting fees

-Appraisal fees

-Attorney or settlement fees

-Lender’s and buyer’s title Insurance fees

-Recording fees etc.

The 2nd set of cost are called “pre-paid“ items. They are called pre-paid costs, as these are fees that are paid in advance of their due dates and ongoing cost, throughout the life of the loan:

-Home Insurance

-Taxes

-Escrow reserves

-Interim interest etc.

The reality is that both sets of costs are needed at closing. So it’s best to view both sets of costs as “closing costs” even though they are labeled differently.

More Questions? Need My Assistance? Call or Text 919-922-8123 or Email Jasmine@TeamAndersonRealty.com or ask me about a Lender referral. I Look Forward To Hearing From You!

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