When your journey of buying a new home is almost over, there is one final step that you will have to take, which is paying the closing costs. Making sure you understand these final actions will help you avoid mistakes, setbacks, and will definitely save you some energy for moving in.
Closing costs can be either paid in advance or, which is much more common, on the settlement day. There are two types of closing fees: recurring and non-recurring. Recurring fees will be deposited into your escrow account and will be used in the future to cover all the financial obligations you will have as a homeowner. Non-recurring fees are one-time payments to professionals that were involved with the deal.
Read more details about each fee type in our blog: Closing Costs and What are They?