What is the difference between non-recurring closing costs and recurring closing costs?
Non-recurring closing costs are a one time fee. Examples of non-recurring closing costs would be as follows: Your appraisal, your credit report, your escrow, your title insurance, lender fees, etc. Recurring closing costs are costs that recur over and over again such as your mortgage payment, property taxes, insurance, etc. The reason that this is important is because lenders will allow for the broker/ banker, or even the seller to pay non-recurring closing costs on behalf of the client, but will usually not allow for the recurring closing cost to be paid by anyone other than the borrower themselves.
