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What is the difference between closing costs and prepaids?

April 26, 2017closing costs

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What is the difference between closing costs and prepaids?

2 Answers

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Closing costs consist of items required to process the closing portion of your loan i.e. attorney fees, title fees, origination fees, appraisal fees, etc. Prepaids are one year of homeowner’s insurance, prorated property taxes, and interest from the day you close until the end of the month. Please talk to one of our mortgage loan specialists about detailed amounts.

0

Posted

Closing costs consist of items required to process the closing portion of your loan i.e. attorney fees, title fees, origination fees, appraisal fees, etc. Prepaids are one year of homeowner’s insurance, prorated property taxes, and interest from the day you close until the end of the month.