Closing Costs

Closing Costs is what gets most people confused in their loan scenario. 

There are many closing costs involved in a transaction; the reason these costs exist is because there are many people involved in getting your loan done.  Many of these costs are actually third party costs and not necessarily part of the fees that you are being charged by the broker or bank.

Usually there are fees related to Broker, Lender, Escrow, Title, Appraisal, Credit Report Company, Government Recording, additional Insurance Companies sometimes charge a small fee to send their information, Home Owners Association charge fees for giving out information, and your employment verification center may also charge a fee.

Sounds like a lot of stuff isn’t it?  Ya, it can be overwhelming sometimes the amount of information that needs to be gathered in order to put your loan package together.  It is important that you understand all the fee’s being charged, and that not all fees are being charged by the broker itself, as stated above there are many parties involved to get the transaction done.

Now all these fees varies accordingly to who you use for Escrow and Title, and then how much your particular Home Owners Association charges, and also according to what program you fit into, as each lender charges different fees.

There is an overwhelming amount of information on this section, just is important to know that all this will have a few thousand dollar figure to it at the end.

Tags: Closing_Costs

Answered on Friday, Sep 19 2008 02:03 PM PDT

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