HOMEBUYERS: UNDERSTANDING CLOSING COST* #6


Non-recurring (one-time expense) Closing Cost: “WIRE TRANSFER” Fees.

Wire transfers are instantaneous. As a buyer, you may be asked to wire the closing cost (minus the earnest money) to the escrow company. 

A wire transfer doesn’t have to cost money. If you have the right bank account at the right place, you get free wire transfers. 

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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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