Buyers Tip #7 Closing Cost & Down Payment
Closing Cost & Down Payment
You have found your dream home. Now it’s to see if you can make it a reality. Can you afford the monthly payment & closing costs? Make sure your lender provides you a copy of your Good Faith Estimate (GFE) and you fully understand all of the costs & expenses on it. A GFE provides you with a breakdown of your expected closing cost and how much of a down payment you will be required to have. You will also want to clarify if your total monthly payment is going to include your property taxes and insurance. These can add several hundred dollars onto your monthly payment. If you get to your closing and your closing costs differ greatly from your GFE, contact your lender immediately and ask for an explanation.
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