How much are closing costs and what do they include?
Closing costs are any fees or expenses you will be required to pay in connection with obtaining the loan. The lender may require that some of these fees be paid with the application or in advance of the closing. These are referred to as Pre-Paid Closing Costs or Paid Out of Closing (POC) costs. The amount of closing costs can vary by lender due to required lender fees and settlement costs, so it can pay to shop the lender. Closing costs will first be disclosed to you within three days of submitting a complete application on a Good Faith Estimate form. Although the lender will attempt to list all costs associated with the financing in good faith on this form, variances to these amounts or unanticipated costs with your application may result causing the amount due at loan closing to vary from this initial disclosure. Within 24 hours of your scheduled loan closing, you will receive a copy of the HUD Settlement Statement listing the final expenses and the amount of funds required from you
