Understanding Mortgage Closing Costs
Many homebuyers are unaware of the various closing costs they will need to pay in order to finalize their mortgage financing. It pays for homebuyers to know the specifics of closing costs so they can better prepare for unexpected expenses at such an important time in their lives. The exact closing costs will depend on where you live, how much you are borrowing, how your mortgage is financed, your closing date and mortgage amortization.
Below is a list of the majority of expenses associated with purchasing a home and obtaining mortgage financing. We recommend each of these items be considered and accounted for when preparing your home purchase budget. As every client is unique, so is every mortgage. Costs may vary depending on the mortgage application and not all of the items listed below would be required: