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Home Loans Advisor 10 Gotcha’s When Getting a Mortgage Part 9 > 9. The total closing costs. At the end of a home purchase, fees will be charged, these fees are called "closing costs". These closing costs will include services like:
Usually the closing cost fees are divided between the home seller and buyer, if so decided. If the home buyer is unable to complete the home purchase and cover the cost of closing, then the home buyer may be able to obtain a loan for all or part of the closing costs. Beware, home buyers that need help or a loan for paying closing costs for their home purchase will only have a select few financing options open to them. These options may not be the best loan for the borrower and may cost tens-of-thousands more, over the life of the loan. As a home buyer, you should receive notice of closing costs within three days of applying for the loan. If you do not receive this within the allotted time frame, the Lender is not within the law. When you receive your closing cost statement, you will need to understand each item and fee associated with each item. Lenders will charge fees for services, however, protect yourself, Lenders may add unnecessary fees. Closing costs on the final loan paperwork should match the closing costs statement given to you initially. |
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