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closing costs: How Prepaid Items Can Make Your "Closing Costs" Look Inflated - 02/04/08 04:24 PM
When buying a home, you pay for more than just physical property at the closing table. You also pay a series of charges. Commonly, homebuyers lump all of these charges under the heading of "closing costs".
That's a miscategorization.
Many changes on a HUD-1 Settlement Statement are specifically not closing costs. They are more appropriately designated as "reserves" or monies "paid in advance".
These "prepaid items" include:
Advance mortgage interest paid from the closing date to month-end Real estate taxes paid into an escrow account Homeowners insurance paid into an escrow account Prepaid items are payments related to the home itself, … (3 comments)
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