Questions & Answers


What does the borrower pay at the time of closing?

Answer


The borrower can expect to pay closing costs, payment for the home and any escrows. Closing costs are paid at closing, a portion is paid by the borrower and a portion is paid by the seller. These fees include the title fees, survey fees and the attorney’s fees. The buyer’s attorney will bring the down payment to the closing and the closing agent for the bank will bring the lenders check for the balance of the purchase price. Escrows are normally held by the bank to cover the year for real estate taxes and insurance.

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