HOMEBUYERS: UNDERSTANDING CLOSING COST* #3

Non-recurring (one-time expense) Closing Cost: “APPRAISAL” Fee. This fee is usually paid upfront. 

The appraisal determines the value of the home. 

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*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.

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