Closing Costs Vs. Prepaid Items

August 12th, 2008 categories: Home Buyers, Home Sellers

Closing costs and prepaid items are not the same, although they both must be paid at the closing. 

Here’s the difference:

Closing Costs

Closing costs are non-recurring costs related to your closing, such as:

Title Insurance

Attorney’s Fees

Mortgage Origination Fee

CT Real Estate Conveyance Tax - Sellers

Recording Fees

 

Prepaid Items

Prepaids are fees you will not only pay at closing but are recurring. Some examples include:

Homeowners Insurance

Property Taxes

Prepaid Interest

Mortgage Insurance Premium (PMI)

Home Heating Oil/Propane

 

For Related Posts:

Conveyance Tax

Guide to Typical Closing Costs in CT

 

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This entry was posted on Tuesday, August 12th, 2008 at 5:52 am and is filed under Home Buyers, Home Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. What is homeowners insurance? | Home Insurance Quotes & Advice said at August 12th, 2008 at 12:39 pm

   […] Closing Costs Vs. Prepaid Items […]

2. Plano home loans said at August 23rd, 2008 at 5:35 pm

   Hey , jessica, very interesting post, Indeed! the prepaid costs and the closing costs should be paid at the closing.

3. CHFA Mortgage Rate Falls to 5.5% said at September 12th, 2008 at 7:58 am

   […] Closing Costs Vs. Prepaid Items […]

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