Borrower Max is reviewing his Closing Disclosure to check the amount of prepaid mortgage insurance, taxes, and interest. In addition to itemizing what his borrower-paid closing costs are, the prepaid section includes The applicable time period for each item.
what his borrower-paid closing?
- Closing costs are extra fees and charges that must be paid at the end of a real estate transaction that are not included in the property's purchase price.
- It's possible for both buyers and sellers to incur different closing costs.
- A mortgage loan's origination and underwriting fees, real estate commissions, taxes, and insurance premiums, as well as title and record filing fees, can all be included in the closing costs.
- By law, closing fees must be disclosed to purchasers and sellers upfront and agreed upon before a real estate transaction can be finalized.
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