Something that is very important for you to take into consideration when purchasing or refinancing your home is the closing costs.
I would love to tell you that closing costs are not expensive, but believe me they are. Once you add up all the fees involved, such as points, taxes, title insurance, county costs and various other fees, it really begins to add up.
The first thing you need to understand is that nobody works for free, so be prepared to pay at closing.
The total amount of fees depends on quite a few things. For instance, the percentage of loan origination fees (points) the lender is going to be charging you. Another large fee is the title search and insurance. The title fee varies by state and is determined by the amount of the home.
Closing costs on average should not exceed 5% of the total amount of the purchase price, and this does not include the down payment.
The total amount of these fees does not all go to the lender. Generally only the loan origination fee and the application fee go to the lender.
The rest of the fees such as the appraisal, credit report, interest for the period in between closing and your first...
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