What Is Closing Cost?

What is closing cost? Closing cost can be substantial when you are buying a new home. Closing cost can be substantial when you are buying. You can go to the FHA website and they have what's called "closing...

Closing cost can be substantial when you are buying. You can go to the FHA website and they have what's called "closing costs" under the FHA book. Now the lender is supposed to give you a copy of that at the time of the loan application, but even if they don't, you can still get it ahead of time. Most of those you are going to have to have some cash to pay for it. You can borrow some of them. If you are in a depressed market you can ask the seller if the seller would pay them for you or some of them for you. You are going to pay for an appraisal, the credit report getting approved for that, and you are going to pay taxes on the sale of the property. The federal law requires the lender to give you a good estimate of what it's going to cost to close at the time within three business days of the application.

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