So you’re getting ready to close on that home and you know you’re going to have to pay closing costs, but since this is you’re first home purchase you’re wondering what all is included in the generic “closing costs” that you keep hearing about. Well, here’s a list of what you could have to pay when you go to closing, though keep in mind that not all costs apply to every mortgage.   (more…)

If you’ve ever purchased your own home you know that the paperwork you have to fill out is nothing short of amazing. But one thing that’s often asked by first time home buyers is what exactly closing costs are.

When you finally go in to sign all the paperwork to transfer ownership of your home from the previous owner, be it a person, bank, or builder, to you, you’ve entered “closing”. With closing comes certain costs, such as lawyers fees, the costs of warranties, and pro-rata homeowners association fees. These are what are known as closing costs.

While some mortgage companies will offer you zero closing cost mortgages as incentive to get your business, it’s not the norm and is something that you should be on the lookout for as it can save you several thousand dollars in costs at the very end of what is already a lengthy and expensive process.