Non-recurring (one-time expense) Closing Cost: “ESCROW” Fees
Typically, the buyer and seller split this fee 50/50. This is paid to the title/escrow company for conducting the closing. The title/escrow company oversees the closing as an independent party in your home purchase.
*CLOSING COST are different than your Down Payment. Your Down payment is applied to your loan. (Ex: Home cost $100,000 and you put down $5,000, your loan amount will be $95,000). CLOSING COST are additional fees to get the loan and for processing the paperwork to buy a home.