What is the difference between closing costs and pre-paid items?
Closing costs are costs associated with originating the loan, such as processing fees, origination fees, title insurance, etc. Pre-paid items are costs associated with setting up your escrow account and paying your first year of homeowner’s insurance. Pre-paid items also cover any interest your loan will accrue from closing time up until the first day of the following month.
Closing costs are costs associated with underwriting, attorney fees, title insurance, and any other item associated with setting up your loan. Pre-paid items, though, are costs associated with maintaining your loan. These fees include setting up escrow for taxes and insurance. In addition, any interest your loan will accrue from closing up until the first day of the following month is included in the pre-paid items.
Closing costs are costs associated with setting up of the loan, such as underwriting fees, attorney fees, title insurance etc. Pre-paid items are costs associated with the maintenance of your loan such as setting up escrow for taxes and insurance. Pre-paid items also cover any interest your loan will accrue from closing time up until the first day of the following month.
Closing costs are costs associated with setting up of the loan, such as underwriting fees, attorney fees, title insurance etc. Pre-paid items are costs associated with the maintenence of your loan such as setting up escrow for taxes and insurance. Pre-paid items also cover any interest your loan will accrue from closing time up until the first day of the following month.
