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What costs are involved in closing? |
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Costs can be separated into three different categories:
Lender fees. Fees may include origination, application,
Points, Appraisal, and Credit report.
Third-party fees. These fees vary according to state and the
specific company you choose to close your Loan. They may include fees for
closing, Escrow, Title Insurance, title exam, and Recording.
Pre-paid Items. These are items taken at the time of closing
but are not usually considered costs. These include items you paid for whether
or not you Refinance (for example taxes, Interest, and Hazard Insurance).
All together, Closing Costs usually can range from 2% to 3%
of your Loan amount. You will be given an estimate of your closing costs
shortly after your application has been received.
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