There Are Two Types Of Buyers Closing Costs
Buyers closing costs are fees associated with obtaining a home loan and there are two types of closing costs.
Non-recurring and recurring closing costs.
Non-recurring are one-time closing cost fees, such as loan processing and underwriting, escrow, title insurance policy, notary, recording, etc.
Recurring closing costs are fees paid every year, such as homeowners insurance and property taxes.
Most home loans have impound accounts where the homeowners insurance and property taxes are included in the monthly payment.
How To Choose The Loan That Costs The Least?
When you want to choose a lender that costs the least to process the loan, compare the APR. The loan with the lower APR offers the better value when the interest rate is the same on both quotes.
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