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.
NEXT PAGE: UNDERSTANDING CLOSING COST #7 (coming soon)
*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.