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Anita Kay
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When you buy a home, you will pay "closing costs" in addition to the down payment. These costs include the "points" you pay on your mortgage loan, title and hazard insurance, the title search, legal fees, and other charges imposed by the lender. These charges vary by state and county, but they usually represent a considerable amount of money.

When you begin your search for a new home in town, your Realtor can give you information about the closing costs in your area. You can use this information as a guideline. When you apply for your loan, the lender is required to provide you with a "good faith" estimate of the closing costs. This figure is usually very close to the actual amount, since the sales contract will have the price and terms of your new home spelled out. As the closing approaches, your Realtor will give you a final figure for the check that you will bring to closing table.

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