What is the difference between down payment money and closing costs?
Down payment money is the difference between the sale price of a home and the amount that is to be financed by the lender. Closing costs are the charges incurred by the borrower to pay for various costs associated with obtaining/settling a mortgage loan. For example, transfer taxes are one of several closing costs.
Related Questions
- Im signed up for the Home Starts program at my bank. Can I use the IDA in addition to the Home Starts money for my down payment and closing costs?
- What should a buyer do in case he doesnt have any money for the down payment and for the closing costs?
- What kind of down payment is needed? How much money is needed for other costs, such as closing costs?
