“Closing Costs” are also known as “Settlement Costs,” these costs are split into two categories. Nonrecurring costs and Prepaid costs.
Nonrecurring costs are a one-time fee that is charged during the process of buying a home or refinancing. Some of these fees include:
- Realtors fees
- Originations fees
- Discount points
- Title searches
- Title insurance
- Lawyer’s fees
- Appraisal fees
- Credit report fees
Recurring costs that occur over the life of the loan are prepaid at closing the include property taxes and homeowner’s insurance.
For more information please call Raleigh’s Local Loan Experts at 919-866-0212 to answer any questions you may have!