What are closing costs?

That’s a very good question! Closing costs pay everyone who has a hand in your home loan, including:

• Your local friendly lender
• Real estate agents
• Lawyers (if needed!)
• The people who handle titles and other expert admin
• Taxes and fees you have to pay in advance and leave in a cool account called Escrow
• Appraisals, inspections – honestly, the list goes on.

But lucky for you, the FHA limits the amount you need to pay in closing costs so your home loan is more affordable and you can get settled in soon.