You hear the term “closing costs” but do you know what it means?
When purchasing a home, everyone knows there is some money required down. But why is it that you have to pay more than just your down payment? It is because of that dreaded term “closing costs”.
Wikipedia defines closing costs as: “Fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is conveyed (transferred) to the buyer. Closing costs are incurred by either the buyer or the seller.” When determining how much closing costs are required; it is very lender dependent as well as case-by-case. No two deals are the same in real estate. If you want a general list of closing costs with definitions, please visit http://teammovemortgage.com/2015/10/12/closing-costs-home-purchase/. If you are thinking of purchasing a property and want a detailed list of closing costs relevant to your transaction, please feel free to reach out to me at any time!
Written by: Robert Judy