What are Closing Costs?
When you get a mortgage, you will need to pay closing costs, which are fees – charged by lenders and third parties related to the purchase of the home. In addition to owing the lender the down payment on the home and the principal and interest related to the mortgage, you will also owe the lender and third parties closing costs, which you usually pay at the time that you close on your mortgage. Most of the time, it is the home buyer who pays the closing costs, rather than the seller, though on some loans such as VA loans, the seller pays a portion of these costs.
For more information on closing costs, click here.
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