What are closing costs?

Closing costs refer to the fees associated with the purchase of a home. They are typically paid at the end of the real estate transaction, when the buyer receives the deed and title to the property. In New Hampshire, common closing costs include mortgage loan origination fees, title insurance, appraisal fees, and other lender-related charges. The buyer may also be responsible for prepaid taxes, insurance premiums, transfer fees, and other miscellaneous charges. Lenders are required to provide prospective homeowners with a Good Faith Estimate of closing costs within three days of submitting a loan application. This document contains estimates of the fees associated with the mortgage loan, and provides an opportunity for the buyer to compare closing costs between lenders. Before signing a contract, buyers should also understand what their actual closing costs will be. This includes understanding what fees may be covered by the seller and how much the buyer will need to bring to the closing. It’s also a good idea to shop around for title companies and lenders to get the best deal. In New Hampshire, residential real estate law requires that buyers and sellers agree on who will be responsible for paying the closing costs. Generally, this is usually divided between the two parties. To sum it up, closing costs are fees associated with purchasing a home. These fees are typically paid at the closing of the transaction, and can include mortgage loan origination fees, title insurance, transfer fees, and prepaid taxes and insurance premiums. In New Hampshire, residential real estate law requires that buyers and sellers agree on who will be responsible for paying the closing costs.

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