First Time Home Buyers Guide to Closing Costs
You have your downpayment. Great. You are ready to close the deal on your loan and start making bids on houses! Soon you get your closing statement and there are extra charges you might not be expecting. Wait — is someone trying to pull a fast one and pad their profits? Well no. The mortgage lending industry is set up to block anything like that. Fortunately, there are whole books of legislation that protect the borrower from such tricks and scams. But what are closing costs?
If you’re a first time home buyer, it pays to learn about the loan closing process so you’re prepared for closing expenses. Here are some questions that might occur to you with simple answers.