There are two types of closing costs: Recurring and Non-recurring.
Recurring closing costs are the normal, annual costs
involved with home ownership that include property taxes, insurance,
association fees and other possible impounded items.
Non-recurring closing costs are one-time fees incurred
during the loan process, examples of which are fees for closing,
points, and title insurance. These fees vary depending on the
type of loan program you choose and your credit profile and could
range anywhere from one to five percent of the sales price. The
seller sometimes assists the buyer by paying for all or some of
these costs. In such cases, the seller should have a mortgage
professional disclose to you in writing what your total closing
costs will be at the time you apply for your loan.
At the time of application, our Loan Specialist will provide
you with a Good Faith Estimate (GFE) detailing the specific costs
that will be involved in your specific real estate transaction.
Please contact us for more information.
