Buyer’s Guide

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

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