Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, pre-paid interest and property taxes. Unless these charges are rolled into the loan, they must be paid when the home is closed.
Closing costs can either be paid by the home seller or the home buyer. It often depends on local custom and what the buyer or seller negotiates.
Do you have additional closing cost questions? If you are ready to buy or sell a home in Central Iowa, contact us today.