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The Funds Needed at Closing .. and How They are Figured
This is a common question for almost every home buyer - what are closing costs and how are they calculated.  Below, Gene Mundt, an excellent mortgage professional in the Chicago area, answers these questions and more.  
Buying a home is about more than just looking at homes - it is critical to have the right mortgage person on your side, too. 
 
The Funds Needed at Closing .. and How They are Figured
 
     
     Most new mortgage clients I speak with have pretty basic concerns regarding their upcoming financing.  One of the questions I hear most often is ...
       How much money will I need at my Closing?          A simple and quick answer might be provided by the following math equation:     Down Payment + Closing Costs/Pre-Paids                                     =                     Total Funds to Close              But unfortunately, it's typically not that simple. Here's why ...          While the above equation is an appropriate starting point for buyers/borrowers, the actual amount of funds needed at the time ... more

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