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Closing costs can include things like a mortgage loan down payment, appraisal fees, an origination fee and/or processing fees. These are the funds you as the home buyer will need at the closing table. Cash-to-close fees may also be paid at the time of closing, and would include things like homeowners insurance and property taxes, also called your escrow account.
Sometimes your closing costs when buying a home can run up into the couple-thousand-dollar range (or more). Many first time home buyers want to know how to come up with these closing costs. Many folks will say, "You have to have the cash on-hand," not realizing you actually have more than one option for funding closing costs!
Here's a look at closing costs and where the money can come from:
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(empty wallet photo: Flickr user William Ross)
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