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The Bottom Line
The day you close on your new home does not need to be full of chaos or surprises. You need to understand very early on in the home loan process how much money it is going to take from you to close the deal. The funds required to close is disclosed to the buyer from the lender in the form of the Good-Faith-Estimate (GFE). This estimate should be given to you the day you make your loan application and should be reviewed with you by your loan officer to make sure you understand it and any changes that could impact it while your loan is in process. Let's take a look at what is included in this estimate so you know what to be on the look out for.
Cash for closing is going to be broken down into 4 categories:
1. Closing Costs - these are the fees incurred to close your loan. Some of these costs are fixed and some are based on a percentage of the loan amount. They include everything from the appraisal, closing attorney, title insurance and origination fees. At a specific loan amount, your lender will be able to give you a very close figure of what ... more
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