WHAT ARE CLOSING COSTS? (Click Here)
Another question I’m asked about is Closing Costs. When purchasing or planning for a purchase involves several items to consider and prepare for. One is the Down Payment (which will be covered next week), secondly is your Closing Costs. Closing Costs are broken into recurring and non-recurring closing costs.
We will first discuss recurring closing costs. Recurring means will occur repeatedly, such as property taxes, home owners insurance and association fees (if any).
Non-recurring (one time fee/charge) closing costs would include pre-paid interest, loan origination fee, escrow fee, lender title insurance, recording fees and several other miscellaneous fees.
As a general guideline, Closing Costs run between 3 to 5% of the Sales Price. Look for our next edition covering Down Payments. If I can answer any additional questions, or help you figure out a specific situation give me a call or e-mail: Larry Robertson (909) 983-2892