Closing Time: How Much Will I Have to Pay?
If you’re getting a mortgage, your mortgage broker or bank will notify Team Tringali the amount of money (in the form of a cashier’s check or certified check) you need to bring to the closing table. There is typically only a day or two notice of the exact amount before the closing.
- The balance of your down payment
- “Points” on your mortgage, 1 point=1% of loan (usually tax deductible)
- Loan origination fee
- A few months’ worth of insurance, to go into an escrow account
- You may have to pay mortgage insurance on your loan
- You may also have to put money for property taxes into escrow
- If you’re assuming the seller’s mortgage, there’s an assumption fee