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CLOSING COSTS
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Closing costs are separated into what are called
"non-recurring closing costs" and "pre-paid items."
Non-recurring closing costs are any items which are paid
just once as a result of buying the property or obtaining a
loan. "Pre-paids" are items which recur over time, such as
property taxes and homeowners insurance. A lender makes an
attempt to estimate the amount of non-recurring closing
costs and prepaid items on the Good Faith Estimate which
they must issue to the borrower within three days of
receiving a home loan application |
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BACK TO GLOSSARY |
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Simplicity
Mortgage - 6180
E. State Street, Suite #5 - Rockford, IL.
61108
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